China's electric vehicle (EV) industry is facing a major downturn as domestic sales plummeted by a staggering 38 percent. The sharp decline has sent shockwaves through the market, with industry leaders BYD and Geely scrambling to respond to the crisis. In a bid to revitalize their flagging sales, both companies are investing heavily in cutting-edge technologies, including ultrafast-charging batteries that can recharge vehicles in a matter of minutes. Meanwhile, they are also shifting their focus to the lucrative overseas market, doubling their exports in an effort to escape the home-market slump and tap into the growing demand for EVs in regions like Europe and North America.
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.
