Good to see LG, Samsung and Hyundai agree with me. I was feeling...

Good to see LG, Samsung and Hyundai agree with me. I was feeling lonely. The home made and FTA battery material percentage requirements and their increase each year was enough to encourage ex-China production. The FEOC just stuffed everything.

In other news, it looks like economically, the Chinese EV industry are feeling the pinch as well

China EV overcapacity fix would be a crowd pleaser

HONG KONG, Jan 22 (Reuters Breakingviews) - China has admitted its electric-car drive has gone too far. The country's vice minister of industry and information technology on Friday pledged to reduce EV makers’ overcapacity, saying that the government will take “forceful measures to prevent superfluous projects.” Amid a brutal price war at home and heightening trade tensions abroad, it’s a welcome step. (they should start with all those superfluous projects for synthetic graphite)

Beijing’s support for battery-powered rides has helped homegrown champions like BYD (1211.HK), and Geely Automobile (0175.HK), grab share in the world’s biggest car market, as well as make the country the world’s largest auto exporter. But racy growth has inspired many cash-strapped provinces to transform into manufacturing hubs similar to Anhui, home to $10 billion Nio's (9866.HK), production lines. Excess capacity could be between 5 and 10 million vehicles per year, estimates consultancy Automobility. Last year, the European Commission launched an investigation into low-cost Chinese EV imports.

The challenge will be how to stem overcapacity without hurting the sector – seen as a technological and manufacturing bright spot for the otherwise grim Chinese economy. At the very least though, acknowledging the problem is a good first step.

https://www.reuters.com/breakingviews/china-ev-overcapacity-fix-would-be-crowd-pleaser-2024-01-22/