ev companies: Their capital, along with dozens of startups raising 18 billion, helped inflate an electric bubble that now looks to be in danger of popping, according to The Japan Times. China's car market is experiencing a prolonged sales slump, prompting EV companies to slash earnings outlooks. Now a reckoning may be looming as car sales slow and the government reduces subsidies for the nascent industry. ; That leaves the flagship companies of Jack Ma, Pony Ma, Hui Ka Yan and Robin Li facing an increasingly steep path to profitability on their bets that electric vehicles can be smartphones on wheels connecting passengers to other businesses. With China considering further cuts to the subsidies for consumer purchases in order to force automakers to compete on their own, a shakeout is looming that not even the tycoons' support may be able to prevent, said Rachel Miu, an analyst with DBS Group Holdings Ltd. in Hong Kong. RELATED STORIESCarmakers shedding 80,000 jobs globally as electric era upends industry Here's what China's richest people have to show for their companies' EV investments Alibaba Xpeng Coupe Jack Ma stepped down as chairman of Alibaba Group Holding Ltd. in September after amassing a 40 billion-plus fortune, but China's richest man retains his board seat and influence at the e-commerce emporium he created. For the new kids on the block in the EV space, it's a steep uphill climb, she said.
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