China’s minister for industry and information technology, Xiao Yaqing, has told reporters that the country’s electric vehicle (EV) sector is too fragmented and in dire need of consolidation.
“Looking forward, EV companies should grow bigger and stronger. We have too many EV firms on the market right now,” Xiao said during a press conference, adding that the firms involved in China’s EV sector are “mostly small and scattered.”
The Communist Chinese government has often ignored the free market and use the concept of the command economy to consolidate industries.
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