Fossil fuels will not last forever. The certainty that their days are numbered confirms that the internal combustion engine (ICE) is also destined to disappear. The solution for that would be battery electric vehicles (BEVs), and China is supposed to be the best example of how they will replace ICE cars. The country refines most raw materials for batteries and sells its new energy vehicles (NEVS) at affordable prices, which took their market share above 30% in the first half of 2024. The future is bright, right? Not so fast, BEV advocates: things are not going that smoothly in the land of electric cars.
At the seventh edition of the Rongzhong Limited Partner Summit on July 9, Song Liping, president of the China Association for Public Companies (CAPCO), discussed NEV makers in his speech. The executive mentioned that only BYD and Li Auto make money selling these cars. All other companies that sell only this sort of product are losing cash, while legacy automakers can pay the bills by selling ICE vehicles.
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