China's electric vehicle (EV) industry is facing a perfect storm as two of its largest players, BYD and Geely, struggle to stay afloat in a domestic market that has seen sales plummet by a staggering 38 percent. The sudden downturn has left the companies scrambling to find a solution, and their response has been nothing short of innovative. In an effort to turn the tide, BYD and Geely are investing heavily in the development of ultrafast-charging batteries, which could revolutionize the way people charge their vehicles on the go. Additionally, the companies are exploring the potential of robotaxis, self-driving vehicles that could transform the transportation landscape and potentially open up new revenue streams. As the domestic market continues to slump, BYD and Geely are also doubling down on their overseas exports, hoping to ride out the crisis and emerge stronger than ever.
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.
