After years of rapid growth spurred by government support, the world’s biggest EV market is facing a slowdown as consumers cut spending in an uncertain post-pandemic economy. As carmakers slash prices further to sustain their sales, some car owners are seeing the value of their vehicles plummet months or even weeks after their purchases. Several EV companies are also in financial crises, leaving thousands of buyers unable to access after-sales and software maintenance services.
EV startups HiPhi, the Baidu-backed WM Motor, and the Tencent-backed Aiways have run out of funds to sustain their operations. Other brands including Levdeo and Singulato Motors have entered bankruptcy proceedings.