Asia Centric: Beijing Auto Show Heralds a Brutal EV War
The war in Iran and high oil prices are driving a surge in demand for China’s electric vehicles abroad, with sales in March jumping more than 50% in countries such...
By Clara Chen · Bloomberg
The war in Iran and high oil prices are driving a surge in demand for China’s electric vehicles abroad, with sales in March jumping more than 50% in countries such as Australia, Brazil and Germany. However, the domestic market paints a bleaker picture. Total domestic auto sales slumped 17% in the first quarter amid a brutal price war, subsidy pullbacks and a new 5% EV tax. Adding to the pressure, global giants like Volkswagen are fighting back with new, highly competitive models, leveraging a lo