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In "BUSINESS"
October 19, 2018
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HANGZHOU, China, — Humming away in an industrial estate in the eastern Chinese resort city of Hangzhou, electric vehicle designer Automagic is one of hundreds of companies looking to ride the country's wave of investment in clean transportation.
The company wants to find a niche in a crowded sector that already includes renewable equipment manufacturers, battery makers and property developers like the Evergrande Group, as well as established auto giants. But not all of these electric vehicle hopefuls will make it to the finish line.
"This (large number of firms) is inevitable, because whenever there is an emerging technology or emerging industry, there must be a hundred schools of thought and a hundred flowers blooming," said Zhou Xuan, Automagic's general manager,...
October 18, 2018
Chinese electric car makers, nurtured by state, now look for way out of glut