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Tesla Gaining Ground Pushes China EV Bubble Toward Bursting

  • As Musk grabs share in China, local startups are squeezed out
  • Fewer are succeeding in raising funds for development efforts
An employee wearing a protective mask wipes a vehicle on display inside a dealership in Wuhan, China.

An employee wearing a protective mask wipes a vehicle on display inside a dealership in Wuhan, China.

Source: Stringer/Bloomberg
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Tesla Inc.’s new Shanghai plant has churned out popular Model 3 sedans for the past six months, catapulting the company atop the electric-car sales chart and piling the pressure on cash-strapped local rivals. There was another casualty last week.