zlacker

>>campus+(OP)
> Hengchi, an electric-vehicle (ev) maker owned by Evergrande, a failed property developer, told investors that two of its subsidiaries had been forced into bankruptcy. The group originally aimed to sell 1m evs a year by 2025; amid feverish competition it sold just 1,389 last year.

When you miss sales targets by 99.9% it’s got to be more than a competition problem

>>jncfhn+y9
> When you miss sales targets by 99.9% it’s got to be more than a competition problem

It's fairly common across the EV industry in China.

BYD is an amazing product and makes good cars. The other manufacturers not so much, as is reflected in Chinese EV car sales [0].

That's why manufacturers like SAIC (MG Motors), GAG (Wuling Motors), etc have resorted to trying to export abroad because they cannot beat BYD domestically, but this faces hurdles as most other major markets abroad (VN, JP, SK, ID, IN, Brazil, EU, MX, etc) place tariffs on autumotiive exports, forcing Chinese manufacturers to either open entire factories abroad with JVs or quit those markets

Every factory SAIC, GAG, GAC, etc opens with a foreign JV is an equivalent set of jobs and IP lost in China.

[0] - https://autovista24.autovistagroup.com/news/big-boost-chines...