, a battle royale featuring both established carmakers as well as upstarts such as Xiaomi, which launched its first EV on Thursday.
And of its forecast of 17.5 million EV sales this year, Rystad expects China to account for 11.5 million, or 65 percent.The explosive rise of these EV firms has also fuelled China's challenge to traditional auto powerhouses -- it overtook Japan as the world's biggest car exporter last year.
Analysts have said the process of consolidation in China's EV market will continue as some companies go out of business, look to merge with others or seek buyers for their technology and assets. However, industry experts point to China's industrial and manufacturing prowess, as well as the country's dominance of key EV supply chains including minerals as factors that will aid its auto sector.The stunning rise of China's EV industry has sparked worries in Brussels and Washington, especially over the subsidies Chinese auto firms receive from the government.
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