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GAC Chair Says Car Industry Competition Becoming Healthy, Envisions Cost Reduction in Smart Driving Faster Than Expected
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Feng Xingya, a deputy to the National People's Congress as well as chairman and general manager of GAC GROUP (02238.HK) (601238.SH), stated at the Guangdong delegation's location that the competition in the automotive industry is becoming healthy, and that there is a consensus from top to bottom in the industry while the industry itself is undergoing adjustments, according to the Securities Times. Feng hoped that the issues of "involutionary" and vicious competition in the automotive industry will improve gradually. In addition, Feng mentioned that the essence of smart driving equality is to promote smart driving technology from high-end models to general models, which is related to the cost reduction in smart driving technology. In the current early stage of autonomous driving, as the technology is still relatively costly, if applied to low-priced models, Feng estimated that consumers may not be able to accept the related costs. However, in Feng's expectation, the cost reduction in smart driving technology will be faster than expected, and soon smart driving equality will become very popular. AAStocks Financial News |
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