AUTOMOTIVE NEWS CHINA
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Chinese automakers are looking overseas for growth and profits as price cuts at home, spurred by Tesla, create a full-blown industry pricing battle that is engulfing nearly all automakers operating in China.
The world’s biggest light-vehicle market is being profoundly reshaped by brutal pricing battles expected to drag well into 2024, with hefty discounts threatening to drive weaker automakers out of business.
Evergrande flagged as early as August 2021 that it was short of cash, but the starkest warning yet signals that founder Hui Ka Yan’s dream of taking on Tesla as the world’s biggest maker of EVs is fading.
While revenue climbed, the surging costs of batteries, chips and other EV components, as well as investments in Zeekr — the company’s new electric-vehicle brand — put pressure on Geely's profitability in 2022.