Ian Zhu, managing partner of NIO Capital, attended the second Asia New Vision Forum (ANVF) yesterday, and participated in the panel discussion centered on “Driving Forward: The Race to EV in Asia”. Ian and the fellow panelists delved into questions, including how the competitive EV landscape in Asia will influence global automotive trends, and what the implications of these developments will be for the region's environmental and economic future.

ANVF 2024, themed “Global Challenges, Asian Solutions”, gathered more than 400 policymakers, business leaders, experts and scholars from more than 10 countries and regions around the world to share their “global vision, home vision, tech vision, green vision” and discuss how to provide innovative thinking and solutions from an Asian perspective to explore sustainable economic growth for all.

The forum aims to shape an important international agenda and communication platform through the multi-dimensional perspectives of stakeholders from China, Asia and the world, and help the international community better understand the real China and Asia. This forum was launched by Caixin Global, with the support of Singapore Economic Development Board and the Singapore Tourism Board.

Studies show that EV development has a profound impact on realizing the goal of net zero emission by 2050. Therefore, development of the sector has garnered significant attention. According to the International Energy Agency, EVs are crucial for decarbonizing road transportation, which contributes to approximately one-sixth of global emissions. From 2020 to 2023, the market share of EVs increased from 4% to 18%, and by 2030, their adoption is projected to reduce daily oil consumption by nearly 6 million barrels.

Ian shared insights into the rapid growth of China's EV sector in recent years. He attributed the popularity of EVs among Chinese consumers to their cost advantages and enhanced user experience. Compared to ICEs, EVs produce lower noise, but offer a rich digital experience, appealing to an increasingly tech-savvy audience. He also emphasized that more and more EV makers in China are investing heavily in innovation, striving to create novel automobiles and a more comfortable driving experience. As EVs become more intelligent, they are poised to transform into a second living space, with consumers spending more time in their vehicles.

In addition, Ian shared his vision for the future of the EV industry, focusing on ecosystem transformation, the commercialization of autonomous driving, and intelligent in-car applications.  He emphasized that as we work on implementing autonomous driving in real life, it is essential to also consider how to harness the vast amounts of data generated by this sector as well as data sharing between vehicles.

Other guests also contributed their perspectives on EV development in Asia and jointly outlined a promising blueprint for the industry's growth.