Chinese electric vehicle maker XPeng’s revenues have nearly halved over last year, and profitability is a long way off. A company restructure and a flashy release next month is intended to return the firm to growth.
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After Tesla dropped its prices in China, local electric vehicle companies began slashing theirs, too, responding to both market dynamics and government policies. This could spell disaster for some of the smaller firms.
In 2022, China became the world’s second-largest auto exporter, and it’s now breathing down the neck of frontrunner Japan. China’s rising auto and electric vehicle brands are now on the verge of flooding into foreign markets, but it’s not going to be easy for them to succeed.
A vast number of used cars are coming on the market. With China’s economy slowing down and consumers watching their budgets, secondhand car sales are set to boom.
China’s electric vehicles are competing directly with the best foreign cars, and a new company with an extraordinary pedigree has entered the market.
Roborock produces autonomous and cordless vacuum cleaners, and now its founder, Chang Jing, has started a new company to produce long-range, off road electric vehicles.