In a recent video on the YouTube channel “The Electric Viking” by Sam Evans, alarming news about the Chinese electric vehicle market has emerged. The video shared that over the past four months, four different Chinese EV manufacturers and one major automotive group with hundreds of dealerships in China have declared bankruptcy, raising concerns about the overall stability of the EV market in China, which is currently home to a staggering 91 EV makers. Here’s the full story.
Extremely Dangerous Situation
Sam started by underlining the severity of the situation, describing it as “extremely dangerous” and saying that the EV market in China is sitting on a precarious edge. The collapse of Evergrande, the largest property company in the world and a significant player in the EV development sector, has added to the concerns. Evergrande, which had ambitious plans to compete with Tesla, declared bankruptcy with a staggering $130 billion debt, causing substantial losses for investors.