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Analysis: A brutal elimination round is reshaping the world's biggest market for electric cars

·1 min

A ’life and death race’ is unfolding in China’s electric vehicle (EV) market, the world’s largest. Chinese EV makers are facing oversupply and fierce competition, with experts predicting that many smaller companies will not survive. The challenges have also led some global automakers to restructure or retreat. Factors contributing to the difficulties include aggressive price cuts, overcrowding of the market, and a weakening economy. Despite the intense competition, the market share of electric cars in China is expected to reach up to 45% in 2024, supported by falling prices and policy measures.