China’s EV market is expected to maintain strong growth momentum in the fourth quarter of 2023, thanks to new launches and discounts offered by carmakers, industry players and observers said.
China’s fast growing electric vehicle market has seen a proliferation of manufacturers at a time when demand was boosted by government subsidies. But rising costs and slowing demand are beginning to weigh on the smaller players who are now faced with the risk of elimination.
Nio and other companies in China’s sprawling electric car sector have formidable government backing that allows them to withstand such losses and keep growing.
Nio embodies China’s dominance of electric vehicle innovation and manufacturing, underlining its threat to traditional auto powers in Europe and the United States