‘Gunpowder' price wars, how China's BYD is transforming Europe's market: 7 EV reads
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Beijing has amplified its warnings over cutthroat price wars among carmakers as deflationary pressure persists in the world's second-largest economy, and economists say a reflation is likely to remain elusive.
Chinese smartphone maker Xiaomi will start making money from its electric-vehicle (EV) venture by the end of this year, according to its founder and CEO Lei Jun, less than two years after rolling its first units off the assembly line, as demand surpassed expectations.
Geely cars are assembled at the carmaker's plant in Guiyang city in southwest China's Guizhou province. Photo: Xinhua
Geely Auto, the mainland's second-largest carmaker, will not build new plants amid excess capacity worldwide, a move that is likely to ripple across the sector as most Chinese companies are finding it difficult to make profits.
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