China’s competitive car market at heart of global EV revolution

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And of its forecast of 17.5 million EV sales this year, Rystad expects China to account for 11.5 million, or 65 per cent. The rest of the pack includes Volvo Cars-parent Geely and electric SUV maker Li Auto, as well as the relatively newer XPeng and NIO. 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.

European Union chief Ursula von der Leyen announced in September an investigation into Chinese subsidies for electric cars, vowing to defend European industry from unfair competition.

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