A brutal elimination round is reshaping the world’s biggest market for electric cars

A “life and death race” has begun to unfold in the world’s largest market for electric vehicles . Chinese EV makers showing off their newest models at Auto China, which kicks off in Beijing on Thursday, have enjoyed generous support from the government for years, with some growing rapidly to become global players. BYD, for example, is now vying with Tesla for leadership of the battery electric vehicle market.

In 2023, the average profit margin for China’s auto industry slid to 5%, the lowest level in at least a decade, according to data from the China Association of Auto Manufacturers . Too many players Overcrowding is another major issue plaguing China’s EV industry. The NDRC expects more than 110 new NEV models to be launched this year, adding to a flood of EVs hitting the market. For 2024, BYD, Huawei’s Aito and Li Auto alone are planning to increase deliveries by 2.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

From food to finance, 9 life hacks from Life Kit expertsOur most memorable and useful expert advice from Life Kit's March episodes, hand-picked by the editors.
Source: KPBSnews - 🏆 240. / 63 Read more »

Best Life Insurance Companies for SeniorsIf you're a senior, it's not too late to get life insurance coverage. There are many reasons why seniors can benefit from life insurance, from paying for end-of-life expenses to leaving a legacy for loved ones. Yet many older Americans still don't this important financial protection, according to recent studies. In this article, we analyze the best life insurance companies for seniors in six categories.
Source: CBSNews - 🏆 87. / 68 Read more »