From swimming cars to rectangular steering wheels, here's what's going on at the Paris auto show

PARIS, France — Auto giants have descended on the Paris Motor Show to showcase their latest concepts and production models, jostling to capture the public's attention with eye-catching designs and futuristic technologies.

The biennial trade show, which opened on Monday and runs through to Sunday, comes as European carmakers contend with some hard truths on the road to full electrification.

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

The pressure on European automakers is poised to ratchet up even further next year when emissions-reduction targets come into force.

It is hoped that the Paris Motor Show can prove to be something of a turning point for Europe's auto industry, with many rolling out affordable EVs in an attempt to keep up with their Chinese competitors.

French car giant Peugeot was one of those creating some buzz. The automaker welcomed visitors — including French President Emmanuel Macron — to take a close look at its Hypersquare steering wheel.

Peugeot said the steering wheel's rectangular shape, which resembles a video game controller, will be in production from 2026. It hopes the innovative design will be particularly appealing to a younger audience.

The Hypersquare was featured 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 undertake these maneuvers thanks to four