Electric Vehicles Industry
China remained the world’s largest EV market, with 2.3 million electric vehicles in active use (45% of global EVs).
Due to COVID-19, the Chinese government’s extended the monetary incentives for new-energy vehicles (NEVs) while also applying nonmonetary forms of support (Charging infrastructure & Ban of Fuel Cars).
There is a clear trend that technology companies such as Alibaba, Tencent, Baidu are heavily involved in new EV startups and partly cooperate with traditional car manufacturers. In China, future differentiation appears to be primarily through software.
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