CATL says Chinese ‘EIVs’ are surging because they are affordable and more advanced

A new term is being used to describe Chinese electric vehicles. The latest buzzword in China is “EIV,” replacing the commonly used “EV.” According to CATL’s co-chairman, Chinese EIVs, or Electric Intelligent Vehicles, are surging as affordable options that offer more advanced tech and capabilities than traditional gas-powered cars.

CATL explains why Chinese EVs are being called EIVs

It’s no secret by now that China is dominating when it comes to electric cars. According to Rho Motion, 17.1 million EVs were sold globally last year, 25% more than in 2023.

Chinese EVs accounted for over 64% of the share, with 11 million units sold. China saw the largest growth last year, up 40%, while the US and Canada sold around 9% more. After Germany ended subsidies, EV sales in Europe (EU, EFTA, UK) fell 3% to around 3 million.

At the World Economic Forum last week in Switzerland, CATL’s co-chairman explained that China’s rapid growth is due to what are now being called EIVs.

Pan said EV sales are surging because of “the perfect combination of E (electric) and I (intelligence).” The “E enables I, and it allows us to offer consumers a whole host of new features that simply weren’t possible with a traditional internal combustion engine,” he explained at the event (via Business Insider).

A CATL spokesperson said the term is not widely used yet but is quickly gaining popularity in China. Newer, more advanced EVs are hitting the market with AI, driver assist systems (ADAS), and other software or connectivity tech.

For example, smartphone giant Xiaomi began delivering the SU7, powered by CATL batteries, last March. Starting at around $30,000 (RMB 215,900), the electric car is loaded with tech, including a 16.1″, 3K ultra-clear infotainment system (with Apple CarPlay support) and a 56″ HUD.

Drivers can even control over 1,000 Xiamo home devices from their vehicles. With up to 11 cameras, 12 ultrasonic radars, LiDAR, and the NVIDIA Drive Orin platform, the SU7 includes advanced ADAS and self-driving features.

CATL rival and China’s EV leader, BYD, is also heavily investing in ADAS technology. Last year, the company announced a RMB 100 billion ($14 billion) investment to become a leader in intelligent driving. BYD plans to include new smart driving tech as standard on vehicles priced over $42,000 (RMB 300,000).

Last month, CATL launched its new Bedrock Chassis, deeming it “the world’s first ultra-safe skateboard chassis.” The EV battery giant claimed the platform “activates a trillion yuan market” and will become the new standard for intelligent vehicle design.