How China’s EV Boom Got Out of Control

A fragmented market.
A fragmented market. Photographer: SeongJoon Cho/Bloomberg

Takeaways by Bloomberg AI

China's electric-vehicle industry is often held up as proof that the central government successfully engineered global champions through massive subsidies. But for the likes of dominant players BYD Co., Zhejiang Geely Holding Group and Chery Automobile Co., breakthroughs came after years of decentralized experimentation and ferocious competition.

That process created a fragmented market plagued by too many players producing too many cars — a problem that will be difficult to resolve. Nowhere is this more apparent than in Beijing’s relationship with Brussels. A year after winning a tariff war with the US, China is on the cusp of a similar conflict with the European Union.

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