MenuAmidst Hangzhou’s modern skyline are scores of weed-infested lots filled with the remains of thousands of abandoned electric vehicles (EVs). China’s EV revolution soared to prominence, generating envy and fear from Western competitors. Like the Greek mythological hero Icarus, however, it may have flown too close to the sun. As China now confronts intense deflationary economic woes fatal to consumer spending, the subsidy-driven EV boom may be coming to an end. An assortment of EV competitors determined to humble China makes things worse for the nascent Chinese EV industry.
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