Consumers?China’s EV race to the bottom leaves a few possible winners
China is cracking down on the predatory discounts carmakers were offering on their EVs, which risked putting smaller players out of business due to unhealthy competition.
As Bloomberg reported on Friday, China’s Passenger Car Association is seeing fewer models with price cuts, which has also resulted in car sales dropping, although not at an alarming rate.
Car sales grew about 6.3% in July in China, slower than the 15% rate that’s typically seen around this time of the year, PCA said.
Top government officials in China convened a meeting with the country’s biggest EV makers urging them to self-regulate and stop offering unreasonable discounts.
"China’s electric vehicle makers and food delivery giants including BYD and JD.com are locked in a fierce price war, prompting government concern over deflationary pressures and long-term sustainability. In response, President Xi Jinping has launched an anti-involution campaign to curb these practices. Bloomberg's Minmin Low explains."Dhanushan wrote: ↑ China's Government Wants To Hit The Brakes On EV Over investment
China is worried about overcapacity. Even President Xi Jinping was critical, asking if every province needed to invest in EVs.
https://insideevs.com/news/766395/china ... nt-brakes/
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