China has spent at least $230 billion to build its EV industry, new study finds
Publishing timestamp: 2024-06-21 03:03:44
Summary
China has spent over $230 billion to develop its electric car industry, with significant government support. Western automakers and governments have been criticized for not being aggressive enough. Chinese electric car companies have made progress but profits have not significantly increased. The industry is facing intense competition and price wars. US has allocated funds to support electric cars, providing a $7500 credit for qualifying purchases.
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