China signals clampdown on “overcrowded” EV industry

China’s Industry and Information Technology Minister Xiao Yaqing has hinted that Beijing will encourage consolidation in its Electric Vehicle sector.

The minister claims China has “too many” electric vehicle (EV) makers.

The minister also said China would improve its charging network and develop EV sales in rural markets.

Xiao said the ministry was speeding up alternative solutions to address an auto chip supply shortage.

China’s market regulator last week fined three auto chip sales companies for driving up prices, in a move to help auto production in the world’s biggest vehicle market.