How China’s EV boom got out of control
The country’s bottom-up model produced some of its most successful companies but also created excess capacity
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CHINA’S electric-vehicle industry is often held up as proof that the central government successfully engineered global champions through massive subsidies.
But for the likes of dominant players BYD, Zhejiang Geely and Chery, breakthroughs came after years of decentralised experimentation and ferocious competition.
That process created a fragmented market plagued by too many players producing too many cars – a problem that will be difficult to resolve.
