Challenged by the arrival of Tesla in China last year, domestic electric vehicle (EV) start-ups were struggling even before the economic shock wrought by the coronavirus, but now for some it has become a battle for survival.
FILE PHOTO: A charging plug is seen on an electric vehicle at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song/File Photo
“The outbreak will aggravate these issues that already had existed,” said Gu, whose firm delivered 16,000 vehicles in 2019. Still, Cui Dongshu, secretary general at China Passenger Car Association , noted some of the leading EV startups managed “okay” sales in the first quarter, listing Nio Inc, Xpeng Motors and Li Auto as examples.
WM Motor, backed by Baidu Inc, said it had cancelled performance bonuses due to failure to meet 2019 targets and delayed payments of annual bonuses and employee subsidies due to the economic challenges arising from the coronavirus epidemic.Volatile financial markets have made it harder for firms to drum up funding from share issues. During the first quarter, China’s EV makers only secured $200 million of new funding, according to PitchBook data.
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