China's electric vehicle (EV) industry is experiencing a severe downturn, with sales plummeting by a staggering 38 percent. The country's two largest EV manufacturers, BYD and Geely, are scrambling to mitigate the crisis. In a bid to stay afloat, these industry giants are investing in cutting-edge technology, including ultrafast-charging batteries that can recharge vehicles to 80 percent in just 10 minutes. Additionally, they are launching innovative services such as robotaxis, which could revolutionize urban transportation. Meanwhile, BYD and Geely are also shifting their focus to the global market, doubling their overseas exports in an attempt to escape the domestic slump and tap into the growing demand for EVs worldwide.
China's EV giants face a domestic crisis as sales drop 38 percent. BYD and Geely respond with ultrafast-charging batteries and robotaxis while doubling overseas exports to escape home-market slump.
