A Chinese official said Monday the country has 'too many' electric car businesses. A database shows the number has surged by the tens of thousands since 2019.
said Tu Le, founder of Beijing-based advisory firm Sino Auto Insights.
"They likely [saw] a buildup of overcapacity [and] too many brands that won't be able to compete in the market with product," he said. "This has happened often in the Chinese market across sectors and leads to a race to the bottom where companies compete solely on price. It stresses the entire sector since these non-competitive companies are happy to throw good money after the bad.
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