[Video] Why are China’s EV brands struggling while the market booms?
2024 was a record year for China’s EV market, accounting for 65% of global EV sales. But behind this success, a brutal civil war is playing out among domestic brands. ThinkChina’s Lu Lingming looks into the situation.
One of China’s top EV makers, NIO, hit record revenue in 2024 — but its net loss also reached a historic peak, with its stock plummeting from US$61.95 in 2021 to just US$3.52 now. Meanwhile, a larger EV startup, Neta, sold nearly 200,000 cars over the past two years, yet it is now hanging by a thread. And in the biggest blow of 2024 to China’s auto market, Ji Yue, a mid-sized EV company backed by tech giants like Baidu and Geely, collapsed overnight without warning, leaving 5,000 employees in shock and scrambling for their next move.
That said, 2024 was still a record year for China’s EV market. With over 50% of global EV battery supply coming from Chinese companies like CATL and BYD, more than US$33 billion in government subsidies over the last decade, and a strong appetite for EVs among up to 90% of Chinese consumers, China accounted for 65% of global EV sales in 2024.
Everything points to a booming industry. But behind the numbers, many Chinese EV brands are struggling to survive even within the Chinese market. Why?
Watch to learn more.
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