Capital Winter Comes for China’s EV Startups
Photo: VCG
China, the world’s largest electric vehicle (EV) market, was once flooded with venture capitalists plowing cash into the industry’s next big thing.
But as Beijing slashes subsidies for new-energy vehicles, investors are now pulling back.
That means EV startups are now facing a capital winter, said Brian Gu, president of Xiaopeng Motors.
The scale-back raises the specter of more companies laying off employees amid sputtering operations. Last month, China’s Tesla wannabe, Nio, said it planned to lay off 20% of its workers.
Read the full story on Caixin Global later today.
Contact reporter Tang Ziyi (ziyitang@caixin.com)
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