China Ministry Blasts Local Officials for ‘Blind’ EV Investments

(Bloomberg) — A senior Chinese government official chided local authorities for launching an excessive number of new energy vehicle investment projects, and said more needs to be done to boost domestic demand for NEVs amid rising cross-border protectionism.

Electric vehicles have emerged as an industrial success for China in recent years, with domestic sales and exports both soaring. But rapid output growth has led to profitability concerns for Chinese companies, and trade tensions with Europe.