iStock; Rebecca Zisser/BI
- China's EV industry is booming — but it could be about to face a painful reckoning.
- Price wars and slowing demand are putting Chinese EV players under pressure.
- Execs are warning that 2024 will be a "knockout round," with some firms pushed to the brink.
China's EV industry has boomed over the last few years — but it could soon face a painful reckoning.
The International Energy Agency wrote in a recent report that despite EV adoption in China being expected to grow to 45% this year, there are still "far more EV companies in China than can possibly survive in a competitive market."