Fri­day EV star­tups face wipe­out by new rules

China Daily (USA) - - NEWS CAPSULE -

China’s elec­tric-ve­hi­cle in­dus­try, with 200-plus com­pa­nies backed by a raft of bil­lion­aires, verges on a mas­sive shake­out as the govern­ment im­poses stricter tech­nol­ogy stan­dards on fledg­ling man­u­fac­tur­ers and con­sid­ers lim­it­ing their num­ber to only 10.

Any curbs would be aimed at weed­ing out the weak, said a se­nior ex­ec­u­tive with the State­backed auto man­u­fac­tur­ers’ as­so­ci­a­tion, and they may push as many as 90 per­cent of EV star­tups to­ward ex­tinc­tion, a govern­ment-linked news­pa­per said.

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