Electric cars major growth point in slowing auto market

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According to statistics released by the China Association of Automobile Manufacturers, vehicle sales in China fell 11.7 percent in October compared to the same month last year. However, prospective consumers seem unperturbed at the ongoing Guangzhou Auto Show 2018.

"I'm still planning on upgrading, I want a new car that's good for the whole family," a prospective consumer told CGTN.

"I have buying plans. And looks matter the most for me," another said.

Organizer expect some 600,000 to visit the show, which closes on November 25.

WM Motor Technology Co.'s EX5 electric sport utility vehicle (SUV) is displayed at the Guangzhou International Automobile Exhibition in Guangzhou, November 16, 2018. / VCG Photo

And car makers are doing everything to cater to the consumers.

Xiong Qingyun, CMO of Xiao Peng Motors, said "the younger generation of car buyers have that buying power. They want high-technology, unique looks that show their identity and affordability all in the same car."

And they want new energy vehicles.

The EV car sector is growing so fast that many continue to predict “explosive” growth.

"So many players are heading into this sector now that we think of 2018 as the year that EV market really takes off," Xiong said.

In October, new energy vehicle sales almost jumped 90 percent.

That's the growth point established brands are seeking to take hold, too. The heavyweight auto group GAC also told CGTN it's important to take the right turn.

"If you look into the national auto sales figures, it's a different thing for different market segments. The EV market has seen robust growth," Xiao Yong, vice general manager of the GAC NE told CGTN.

He also said GAC is investing 45 billion yuan (about 6.49 billion U.S. dollars) on an industrial park for smart EV production. "The plan is to have EV cars, which now just represent one percent of our group's sales, grow to 10 percent by 2020," he said.

There are 1,000 new models on display here at the Guangzhou Auto Show and more than 150 of them are electric vehicles.

"Compared with last year, auto show 2018 has a bigger number of brands and new models participating. And judging from the first few days, we expect the number of visitors to hit a new high," Wang Junqing, organizer of the auto show said.

"I believe it shows we continue to have strong demand in the sector," Wang said.