Executives are also sanguine about an intensifying price war between EV companies, made all the more competitive as consumer spending slows in China.
On Monday, Beijing-based Li Auto slashed the prices of its models by up to 30,000 yuan ($4,100).
That followed a decision by Elon Musk's Tesla -- which notably did not attend this week's Auto China -- to lower its prices by 14,000 yuan.
But top EV bosses point to the intense competition in the Chinese market as one of the reasons why it is so innovative compared to foreign firms -- even if it means that company profits might suffer as companies rush to offer the best products at the lowest prices.
"The price war is certainly a reality for all participants in the competition to face," Nio's Li told AFP.
"It will, of course, reduce each company's sales and there will be some impact on profitability," he admitted.
"On the other hand, this is a normal phenomenon of market competition."
XPeng's Gu said the new Xiaomi EV is likely the last major brand to enter the market for the foreseeable future.
And he admitted that when the price war stabilises, it will be "brutal".
"Chinese players become productive, competitive and in some ways technologically more innovative because of the competition," he said.
"That's how you grow."
Source: AFP
