Hyperdrive
China Vows to Consolidate the Bloated Electric Vehicle Industry
- Electric-car makers are mostly small, scattered, minister says
- Market forces should be used to restructure sector, Xiao says
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China has vowed to consolidate the country’s electric vehicle industry after a decade-long nurturing of the sector led to the emergence of too many players, some of which are barely viable.
“Looking forward, EV companies should grow bigger and stronger. We have too many EV firms on the market right now,” Xiao Yaqing, the minister for industry and information technology, said at a press conference in Beijing on Monday.