In the past five years, the Chinese electric vehicle (EV) industry, comprised of both established automakers and startups, has grown rapidly due to the government’s generous subsidies. Companies such as Nio, Xpeng, and BYD have matured to become China’s answer to Tesla due to a combination of advanced technology and competitive prices.
Still, production and sales have experienced a recent decline due to the reduction of over half of subsidies by the government, and the coronavirus outbreak, which has brought pressure to the whole automobile industry. Sales of EV have plummeted 77% year-on-year, the latest figure which marks the eighth consecutive month of reduction in sales.
Despite the recent setback, could Chinese EV makers regain momentum and challenge Tesla?
Check out Episode 2 of China’s Tesla Challengers, a series that looks at the country’s leading EV companies.
Check out our other episodes:
Episode one: Will Nio live up to its hype?
Episode three: Meet the world’s largest EV battery maker powering Tesla’s ambitions
Episode four: Will real estate giant Evergrande succeed in the EV industry?
To watch other videos by KrASIA, please visit our YouTube channel.