BEIJING: An iPhone assembler, ecommerce emporium and real-estate developer typically don’t compete in the same business — except when it comes to electric vehicles in China.
That’s because of a seismic shift toward EVs, which has spurred billions of dollars in investments by traditional carmakers, startups and titans of the internet, electronics and real-estate industries. The rush is on even as the government pulls back on the subsidies that juiced the industry to begin with.
