China’s Push to Cool EV Growth Is Upending Big Tech’s Ambitions
- Beijing has tightened approvals for new entrants to EV market
- Investment frenzy fades, consolidation squeezes small players
This article is for subscribers only.
China’s big tech firms are feeling the pain of being late to the electric vehicle party.
Their push into the world’s largest car market is being hampered by government efforts to rein in an EV industry built at breakneck pace via years of generous subsidies. But as consumer demand takes a hit and Beijing’s strict rules around production licenses endure, aspiring market entrants are being pushed into partnerships with licensed manufacturers, or pivoting their business plans entirely.