Jim Holder
INSIDE INFORMATION
China now literally has more EV firms than it can count
IT’S TELLING THAT no one can put a definite number on how many EV makers there are in China today.
Estimates suggest 300, but such has been the speed and scale of investment as firms pile in to profit from the world’s largest car market’s singular focus on reducing its oil dependency that the scene is changing too fast for onlookers to keep up.
But it’s likely that the boom is peaking, with the state now stepping in. Last month, Xiao Yaqing, minister for industry and IT, declared: “We have too many EV firms on the market right now. We encourage merger and restructuring efforts in the EV sector.”