China is now the world’s largest automotive and electric vehicle (EV) market. Sales of electric cars made in the country also account for about 60 per cent of the global total.
Behind the industry boom is the Chinese government’s long-term commitment to industrial self-reliance and sustainability.
But with policies favouring EV carmakers about to expire, fierce competition has put pressure on their profitability. Chinese carmakers seeking overseas opportunities face rapidly changing markets, increasing costs and geopolitical tensions.