A dive in auto sales in China is fuelling expectations of a wave of consolidations in the world’s largest car market and the loss of several smaller brands, the Financial Times reported.
There are approximately 50 domestic EV brands in the country producing pure-electric cars and plug-in hybrids, the report went on, but by 2030, “there will be between 10 and 12 major Chinese automakers operating on a large scale”, predicted UBS analyst Paul Gong.
BYD and Tesla China dominate the Chinese EV market with smaller players struggling to keep up. Singulato Motors and Levdeo were involved in bankruptcy proceedings in recent months, while Shanghai-based EV start-up Enovate suspended production in April.
Read the full story: The Financial Times
- By Sean O’Meara
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