Electric vehicles (EVs) are becoming an increasingly common sight on the roads. In 2024, more than 17 million EVs were sold globally. Furthermore, the International Energy Agency forecasts that in 2025 these battery-powered vehicles will account for one quarter of all cars sold worldwide.
BNP Paribas’ third annual Global Electric Vehicle and Mobility Conference 2025 – the largest event in Asia on this important topic, which brought together industry-leading experts to Hong Kong to discuss the road ahead for carmakers – took a deep dive into the topic.
It explored how EVs are just part of an ongoing revolution in mobility that will transform how we get from A to B. Autonomous driven robotaxis and even flying cars have the potential to become reality in the years to come. These new technologies will help grow revenues in the broader mobility industry significantly in the coming years.
“The electrification of the automobile and the further integration with lifestyle technology is a megatrend that will drive growth in mobility throughout the 21st century,” said Brian McCappin, Deputy Head of Global Markets APAC and Head of Institutional Client Group APAC, BNP Paribas, speaking at the conference. “EVs with increasing lifestyle solutions will drive that growth over the next few years with shared mobility and robotaxis taking over later on.”
The latest developments from China
As the world’s largest auto market, China leads the way in many new mobility trends, and Chinese innovation was a consistent theme throughout the conference.
“A conversation about the EV industry is not complete unless it dives into what’s happening in China – a highly competitive market that is at the forefront of mobility innovation,” said Stuart Pearson, Head of Automotive and Thematic Research and Managing Director, BNP Paribas Exane.
Panellists shared how Chinese carmakers have put together a winning offering of digital services in their EVs. This appeals to local consumers, especially a younger demographic, who want their cars to seamlessly connect with their broader online ecosystem.
Speakers noted that the popularity of domestic brands has proved detrimental to foreign carmakers, which had for many years dominated China’s car market. In 2019, the combined market share of foreign brands was 60.8%. But by the end of 2024, this had fallen to just 34.8%.
Although they remain strong in the internal combustion segment of the market, foreign brands have been slow to adapt their products to the changing needs of Chinese consumers, according to panellists. However, they highlighted that China is a market that is too big to ignore and how over the long term, the rise of autonomous driving could give them a second chance to reestablish a foothold in one of the world’s largest auto markets.
Speakers highlighted that one of the reasons that Chinese companies have pushed ahead in terms of their EV offering is the fiercely competitive nature of the local market, which they expect to lead to consolidation in the near future. Strong competition, combined with high levels of capacity, makes foreign markets particularly attractive to Chinese carmakers, in their view. In 2024, China exported 1.25 million EVs, accounting for 40% of the global total.
With selling cars on international markets a key imperative for Chinese producers of EVs, some panellists discussed the questions raised by expansion overseas – such as cost effectively extending their supply chains and finding the right blend of talent to staff their international operations. They noted that how Chinese companies address these challenges will influence the broader development of the global trade of EV in the years to come.
The next frontier
With EVs now considered a mainstream product, panellists looked ahead to which technologies have the potential to transform mobility in the future, and examined in detail the latest trends in autonomous driving systems (ADS) and vehicles that could take to the sky in the low-altitude economy.
ADS is already a common feature in Chinese EVs, according to speakers – especially partial driving automation, which controls only a few aspects of driving, such as acceleration and steering. The addition of ADS is more driven by the supply side, rather the demand side, as Chinese carmakers include the functionality to keep ahead of the competition, according to panellists.
Speakers noted that the real breakthrough will happen when robotaxis hit the road. This technology has been helped by the advance of artificial intelligence, which helps replace rule-based systems with ADS that can act more fluidly in a real-life situation. One panellist said that it is possible that tens of thousands of robotaxis will be carrying passengers in China and the US by the end of next year.
Robotaxis are a potential application of flying cars, alongside delivering packages, and search and rescue operations. The conference hosted pioneering executives operating in the low-altitude economy, who discussed the potential for airborne cars and drones to take mobility to another level.
“The low-altitude economy is mobility’s next frontier,” said William Bratton, Head of Equity Research, APAC, BNP Paribas Exane: “And regulations will play an important role in the development of this exciting industry.”
Discussions noted that it is still early days for flying cars, and that companies are looking to fit into existing rules that govern light and ultra-light aircraft. Furthermore, a three-dimensional traffic system has yet to be developed in any market.
To begin with, these low-flying vehicles would travel across pre-approved routes, according to speakers at the conference. They are seen as particularly appropriate for flights within rural areas, and possibly between rural and urban spaces.
Panellists emphasised how they were building the foundations to scale in the future. If they are successful, they will be behind another mobility revolution.
“At the conference, we showcased some of the most innovative companies operating in the mobility space today, highlighting our commitment to present need-to-know opportunities to our clients,” said Chaoni Huang, Head of Sustainable Capital Markets, APAC, BNP Paribas.
Suggested reading
Lower costs and technology to drive next stage of EV growth
Electric vehicles: the future of mobility in APAC – Global Markets