China’s EV market lures new entrants with eyes on BYD’s crown – at great peril

Quick Summary:

New entrants are eyeing the riches in China’s EV market at great peril amid excess capacity and a cutthroat price war.

Car dealers nationwide have lost nearly US$20 billion fighting overcapacity and a price war.“It’s an inevitable trend in the industry, we need to foster a new growth driver,” said Yuan Zhijun, chairman of Wuling Motors, which has a three-way venture with General Motor and SAIC Motor making a two-seater mini EV called Hongguang.“We have reached a consensus to transition to EVs.

In an industry ridden with losses and failures, that optimism is intriguing.

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Article Details

Author / Journalist: Yujie Xue

Category: Business

Markets: Hong KongAzerbaijanChinaEgyptKazakhstanKuwaitPhilippinesQatar

Topics: Motor China’s Report Model Billion Hybrid Including Industry Vehicle Maker Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-17 @ 14:30:09 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 267 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23624984

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