"From 300 start-ups, only 100 of them survived. Today, there are fewer than 50 companies that still exist, and only 40 of them are actually selling cars every year," said He Xiaopeng, illustrating the harsh reality of the EV market's competitiveness.
"I personally think that there will only be seven major car companies that will exist in the coming 10 years," He stated, emphasizing the looming consolidation in the Chinese EV market.
He also warned that in the next three to four years, the Chinese EV industry will see a "knockout tournament," highlighting a period of intense competition where only a few will endure.
Mercedes-Benz CEO Ola Källenius echoed similar concerns about competition, describing it as a "Darwinistic-like price war" that many current players won't survive in the near future.
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