In China, fears grow of an EV financial crisis amid pricing war

Electric vehicle makers in China, led by the country’s market leader BYD, have been engaged in a bruising price war, depressing profits in the industry.
At a used car market in Beijing, salesman Ma Hui said he fears China’s electric vehicle industry is in a race to the bottom.
EV makers, led by the country’s market leader, BYD, have been engaged in a bruising price war, depressing profits for the brands, as well as sellers such as Ma.
“All of us were losing money last year,” Ma said about his fellow used car sellers in the market. “There are too many companies making too many new energy cars.”
China’s trading partners have often accused the country of flooding the global market with cheap Chinese EVs. These days, similar accusations are flying within China, raising concerns about financial stress in the industry.
The official Communist Party paper, the People’s Daily, for example, published a commentary on Monday, titled “The ‘Price War’ in the Automotive Industry Leads Nowhere and Has No Future.”
https://www.nbcnews.com/world/asia/china-fears-grow-ev-financial-crisis-pricing-war-rcna212245
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