[Sprintey]

Also from article, now I see the reason for all the landscapes filled with unsold EVs in China that I've been watching on yt - it's a capital misallocation on a huge scale, fostered by a clumsy policy incentive:

"China is responding to the over-capacity within its EV manufacturing sector by vowing to take “forceful measures” to deal with the establishment of new EV projects by local government authorities and enterprises.

Rounds of price cutting within the domestic market last year and the weaker demand offshore (where margins are much more attractive than those in the domestic market) might by themselves help force some less efficient capacity to exit the market.

China has hundreds of EV manufacturers. It seems like almost every large industrial group added an EV subsidiary – even China Evergrande created one – to take advantage of the generous incentives that were on offer from the federal and local governments.

For many of the companies their primary interest was in the tax credits, not sales of EVs, which explains the thousands of earlier model EVs decaying unsold in vast lots in the fringes of China’s major industrial cities."