World’s Largest Electric Vehicle Maker Struggles
According to a recent report in MIT Technology Review, the world’s largest electric vehicle maker hit a “speed bump” as a result of China’s cutting subsidies mixed with a global auto market slump. China’s BYD Auto is scrambling for ways to cut costs while remaining profitable:
After years of double-digit growth, sales have dropped sharply for BYD, the world’s largest electric vehicle maker and a well-known brand in China (see “How Other Battery Manufacturers Could Help Tesla Reach Its Own Goals”), since the government lowered subsidies for electric vehicles. BYD’s popular and inexpensive Qin hybrid sedans have led to its 31 percent share of China’s electric vehicle market, according to China-specialized research firm JL Warren Capital.
Core News has reported extensively on how much electric vehicle makers depend on government subsidies and regulations.