Posted 2/20/2024, 1:25:00 PM
China's EV Exports Boom and Domestic Price Wars Spark Industry Shakeup
- China's EV exports to Western markets grew rapidly, sparking a trade probe in Europe that could diminish future exports
- Fierce price competition in China's EV market, sparked by Tesla's price cuts, has led to falling EV sales domestically
- Xpeng's CEO warns the price war could end in a "bloodbath" for the industry
- Xpeng secured investment from VW just before EV sales dropped, giving it backing to weather the storm
- Chinese EV makers that survive the shakeout could consolidate into national champions capable of outcompeting Western automakers