AUTOMOTIVE NEWS CHINA

The Chinese auto industry isn't going to restructure anytime soon – even as the government this week began to signal interest in seeing consolidation.

While some China EV makers are now selling cars in numbers that rival Tesla Inc., scores more have fallen by the wayside, unable to raise the crazy amounts of capital needed to make automobiles at scale.

The electric vehicle will be able to fly in the air and drive on roads, Xpeng Heitech founder Zhao Deli told the World New Energy Vehicle Congress.

The joint venture company did not say whether it is merely designing chips or is also participating in chip-manufacturing but said it would boost cooperation with Chinese manufacturers