The 2024 Paris Motor Show unveils floating cars and rectangular steering wheels

PARIS, France – Automotive giants have descended on the Paris Motor Show to unveil their latest concepts and production models, capturing the public’s attention with eye-catching designs and futuristic technologies.

The biennial show, which opened Monday and runs through Sunday, comes as European automakers grapple with some hard truths on the path to full electrification.

Manufacturers including Volkswagen, BMW and Stellantis have all issued profit warnings in recent weeks, citing challenges such as weakening demand for electric vehicles (EVs) and strong competition from abroad.

The pressure on European car manufacturers is likely to increase next year as emissions reduction targets come into effect.

There are hopes that the Paris Motor Show can prove to be something of a turning point for the European car industry, as many of them launch affordable electric vehicles to keep up with their Chinese rivals.

French auto giant Peugeot was one of those who caused a stir. The automaker welcomed visitors – including French President Emmanuel Macron – to get a close look at its Hypersquare steering wheel.

Peugeot said the rectangular shape of the steering wheel, which resembles a video game controller, will go into production from 2026. It is hoped that the innovative design will particularly appeal to a younger audience.

The Hypersquare was introduced in Peugeot’s Inception concept car.

Elsewhere, Chinese electric vehicle maker BYD unveiled its Yangwang U8 model to a French audience for the first time.

The plug-in hybrid SUV is capable of “swimming” for up to 30 minutes, parking sideways and making a complete turn on the spot, a BYD spokesperson told CNBC.

The Yangwang U8 model can perform these maneuvers thanks to four electric motors, one in each wheel.

BYD said the vehicle’s buoyancy is “not just a gadget,” adding that the feature could prove life-saving in the event of a flood or accident involving water.

The vehicle is also equipped with a roof-mounted drone, which BYD says could be used to show the driver what awaits them later on the road.

The Yangwang U8 was first introduced in Guangzhou last year and is currently only sold in China.

French car manufacturer Renault presented its retro-inspired R4, a small electric SUV based on the legendary Renault 4. The compact electric SUV is intended to compete with budget models from Chinese manufacturers.

Crisis-hit German Volkswagen celebrated the premiere of its seven-seat Tayron SUV, a range available as a mild hybrid or plug-in hybrid. Volkswagen said the Tayron is the company’s second-largest SUV in Europe after the Touareg and can be ordered from 45,475 euros ($49,525).

Stellantis presented two new models at the Paris Motor Show. The company, which includes well-known names such as Jeep, Dodge, Fiat and Chrysler, announced the new compact Citroën C4 and C4X models. Both models are available as hybrid, electric and pure combustion versions.

Chinese company Xpeng unveiled the P7+ at the Paris Motor Show on Monday, an all-electric model that it hopes will cement its place in an era of autonomous driving and artificial intelligence mobility.

The P7+ is powered by Xpeng’s so-called “Turing chip”, named after the British scientist and mathematician Alan Turing. The chip is designed for use in many of the company’s AI-controlled vehicles, from robots to flying cars, one of which was on display above the Xpeng stage.