China's electric vehicle revolution is in full swing as domestic car manufacturers gear up to challenge the world's leading players, with innovative technologies, latest models and batteries showcased at the 20th Shanghai International Automobile Industry Exhibition, also known as Auto Shanghai 2023.

Themed "Embracing the New Era of the Automotive Industry," the exhibition kicked off on Tuesday and displays more than 1,500 vehicles with two-thirds of them being electric ones, defining the "new era" as the "electric-powered era."

Global automobile giants like BMW, Mercedes Benz and Volkswagen are showcasing their latest electric vehicles (EVs) at the show. Meanwhile, Chinese carmakers and EV brands have managed to take more share of the global market with last year's EV top seller BYD leading the way.

From below 100k to more than one-million yuan, BYD has launched multiple car models that covers almost all sub-segments of the market.

The most eye-catching ones are BYD's two luxury car models under its new Yangwang brand that were introduced in January this year. Both priced at more than 1 million yuan ($150,000), its off-roader U8 and the sports car U9 are equipped with four electric motors and the automaker's advanced DiSus-X vehicle control system, allowing the vehicle to adjust its height, dance and even hop off the ground.

But the largest crowds can be found around BYD's unassuming, bright yellow hatchback.

Dubbed the "Seagull", BYD's latest EV made its debut at Auto Shanghai 2023, stunning visitors not so much for its look or its features, but the fact it will sell from just 78,000 yuan ($11,300) – around half the price of the cheapest new energy vehicles available elsewhere.

The car is available in two range versions from 305 to 405 kilometers, with a fast charging system that will allow it to ramp up from 30 to 80 percent charge within 30 minutes, according to BYD. It will run on a lithium iron phosphate BYD Blade battery.

China EV brands show off new tech

Apart from BYD's DiSus-X vehicle control system, which disrupted the long-standing dominance of such technology by overseas companies, domestic EV brands have all come with heavyweight technologies.

SAIC Group's subsidiary brand Zhiji Motors announced its "AI4M" strategy at the event, in which it collaborates with Momenta to release the industry's first D.L.P. artificial intelligence model. This model is the first to apply data-driven planning algorithms on mass-produced projects. The company said that it plans to launch an SUV in the second half of this year and a coupe model in the first half of 2024.

Zhejiang-based Geely Group Holding is featuring its Yinhe L7 smart cockpit provided on its electric hybrid SUV Yinhe L7. The vehicle is equipped with the 8155 flagship-level cockpit chip developed by the Chinese company Horizon Robotics and "smart cabin N" operation system, according to the company.

Geely Group also has a portfolio of brands, including Geely Auto, Zeekr, Lynk & Co, Volvo Cars, Polestar, smart, and Lotus. 

Excellent sales, price proposition propellant for global expansion

In recent years, the rise of Chinese automakers has remade the competitive landscape of the world's largest auto market, and those companies, including BYD, are now readying to take their cut-throat domestic prices global by increasing exports.

In 2022, BYD beat Tesla for EV sales with 1.86 million units of deliveries, becoming the world's No. 1 electric car seller.

Bill Russo, the Shanghai-based founder and CEO of strategic advisory firm Automobility, predicts the value proposition of BYD's Seagull will be compelling to overseas customers.

"Affordability is attractive to everyone anywhere, whether it's an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell," he said.

(With input from Reuters)