Electric Vehicles Are Now Cheaper Than Petrol-Powered Cars In China
50% of cars sold in Hong Kong are EV's.Image via Bloomberg Intelligence
The price drop for EVs incidentally happened in the middle of a vicious price war
Led by Tesla, the price war drove the Chinese government to sign a pact last month promising to compete fairly and refrain from 'abnormal pricing', which was retracted shortly after it was introduced.Imported cars are taking much of the market share that manufacturers are aggressively slashing prices in a desperate move to liquidate inventories.