China sets out to reign in country’s bloated EV industry ...News

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China sets out to reign in country’s bloated EV industry
China has unveiled plans to consolidate the country’s electric vehicle (EV) industry, which Beijing believes is unable to evolve as it has far too many players. “Looking forward, EV companies should grow bigger and stronger. We have too many EV firms on the market right now. The firms are mostly small and scattered,” Xiao Yaqing, China’s minister for industry and information technology, said at a press conference in Beijing, adding that authorities see merging and restructuring as ways to propel the industry to success. “The role of the market should be fully utilized and we encourage merger and restructuring efforts in the EV sector t

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