International marques including Hyundai and Lamborghini as well as Chinese EV start-ups Hozon Auto and Jiyue did not participate in the world’s largest auto event, which started on Wednesday.

The absences suggest that these companies may be grappling with sharply dropping sales in mainland China or suffering a financial squeeze despite fanfare and enthusiasm around the sector, which is a bright spot in the national economy.

“The auto show is a barometer of the Chinese car market, used by some industry officials to gauge brand awareness and market trends,” said Gao Shen, an independent analyst in Shanghai.

“Brands that miss out will be viewed as underperformers in this mammoth market.”

More than 70 carmakers from 26 countries were expected to show the latest EVs and technologies, such as swappable batteries and digital artificial intelligence (AI)-powered bells and whistles, to an expected 1 million visitors at the show, according to the organiser.