China's electric vehicle (EV) market is facing a significant downturn, with sales plummeting by a staggering 38 percent. The country's dominant EV manufacturers, BYD and Geely, are scrambling to adapt to the changing landscape. In an effort to mitigate the impact of the domestic slump, both companies are investing heavily in cutting-edge technologies, including ultrafast-charging batteries and self-driving robotaxis. Meanwhile, they are also shifting their focus to overseas markets, doubling their exports in a bid to offset the decline in domestic sales and maintain their growth trajectory. As the Chinese EV industry grapples with this unprecedented crisis, it remains to be seen whether these innovative strategies will be enough to propel them back to the top.
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.
