China's electric vehicle (EV) industry is facing a perfect storm as domestic sales plummet by a staggering 38 percent. The country's two EV giants, BYD and Geely, are scrambling to respond to the crisis. In a bid to stay afloat, both companies are investing heavily in innovative technologies, including ultrafast-charging batteries that can recharge vehicles in a matter of minutes. Meanwhile, they are also doubling down on their overseas export strategy, seeking to capitalize on growing demand for EVs in international markets and escape the slump in their home market.
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.
