Name: Chinese EV Company Loses $35,000 Per Car Sold
Uploaded: 2023-10-06T06:51:55.000Z
Description: A new New York Times report suggested the Chinese EV companies may be using unfair market tactics to get ahead.

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A new New York Times report suggested the Chinese EV companies may be using unfair market tactics to get ahead.

Chinese electric car maker NIO is losing $25,000 dollars for each car it sells.

But according to the report, NIO and other China-based EV companies are getting tremendous state backing—allowing them to withstand losses they normally couldn't.

On top of that, state backing helps the companies grow even while losing money.

In 2020, NIO was running out of money. Local officials gave the company $1 billion to keep it operating.

In light of this, European lawmakers have officially launched an investigation into electric car manufacturers in China. they're worried that markets are being flooded with cheap Chinese EVs and that prices for them are kept artificially low by state subsidies.

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