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China Has ‘Too Many’ EV Firms and Wants Consolidation. What It Means for NIO and Tesla Stock.
China will encourage market consolidation in the electric-vehicle sector, an industry it has nurtured for years amid the breakneck growth of greener transportation, the country’s industry and information technology minister said Monday.
In addition to improving charging infrastructure and electric-vehicle mileage, China’s EV sector must “embrace the market,” Xiao Yaqing said in a press conference Monday, translated by Chinese state-owned channel CGTN. This will allow many small and scattered firms to “concentrate their industrial…
