Finance

China to consolidate overcrowded electric vehicle industry – minister

Above Article Content Ad

BEIJING, Sept 13 (Reuters) – China has “too many” electrical automobile (EV) makers and the federal government will encourage consolidation, Business and Info Know-how Minister Xiao Yaqing stated on Monday.

The minister additionally stated China would enhance its charging community and develop EV gross sales in rural markets.

The federal government’s promotion of greener automobiles to chop air pollution has prompted electrical automobile makers reminiscent of Nio Inc , Xpeng Inc and BYD Co Ltd to broaden manufacturing capability in China.

Xiao stated the ministry was rushing up various options to handle an auto chip provide scarcity.

China’s market regulator final week fined three auto chip gross sales corporations for driving up costs, in a transfer to assist auto manufacturing on this planet’s greatest automobile market.

A chronic international chip scarcity has affected main automakers, together with Ford Motor , Honda Motor , and Volkswagen , forcing many to idle or curtail manufacturing.

Reporting by Shen Yan, Yilei Solar and Brenda Goh; Modifying by Christopher Cushing and Stephen Coates

:

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button