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Just like the markets in the West, the chinese market for EVs is saturated. That's why they have to ship their EVs to Europe before they have a buyer.

• toomuchtodo 2y ago
  There is a market clearing price at which even the most opposed EV buyer becomes one (total cost of ownership, fuel cost volatility, etc). The subsidies must last only until sufficient internal combustion manufacturing capacity has been reduced to where EVs become the only option. Like bankruptcy, this transition will happen slowly, and then all of a sudden (as there is a minimum volume of units a combustion vehicle factory must sell to remain viable). > The Chinese auto industry is experiencing a revolution,” said John Zeng, the director of Asia forecasting at GlobalData Automotive. “The old internal combustion capacity is dying.” > Sales of gasoline-powered cars plummeted to 17.7 million last year from 28.3 million in 2017, the year that Hyundai opened its Chongqing complex. That drop is equivalent to the entire European Union car market last year, or all of the United States’ annual car and light truck production. https://www.nytimes.com/2024/04/23/business/china-auto-factories-price-cuts.html https://www.nytimes.com/2024/04/23/business/china-auto-facto... | https://archive.today/4jCiQ https://archive.today/4jCiQ https://electrek.co/2023/04/01/ice-car-values-plummet-in-china-and-it-is-the-canary-in-the-coal-mine/ https://electrek.co/2023/04/01/ice-car-values-plummet-in-chi...