SHANGHAI -- Global automakers, including Toyota and Volkswagen, took the stage at the Shanghai auto show on Tuesday with built-for-China and electric-drive products to compete for a high-stakes comeback in the world's largest market.
But after a year when trends have shifted sharply against the established foreign brands that once dominated in China, executives from Chinese automakers offered a reality check: the game is moving faster and the pressure to cut prices is getting more intense.
Volkswagen said at the show it would introduce 10 more electric models by 2026 and cut the time to develop new models by almost 40 percent to keep pace with faster-moving Chinese rivals.
"Our guiding principle is development in China for China at full speed," VW brand boss Thomas Schaefer said.
Toyota, which has been slow to roll out electric vehicles, used the Shanghai show to unveil two new EVs, doubling the number on offer in China under its mainstream brand.
It also introduced a Lexus-brand minivan, the "Luxury Mover," a hybrid designed to be chauffeur driven, a preference for many Chinese luxury car buyers. The LM will also be sold in Europe and China, Lexus said.