Oversupply: A visitor stands next to a Byton Ltd M-Byte Concept electric SUV on display at the company’s Byton Place showroom in Shanghai, China. There are now 486 EV manufacturers registered in China, more than triple the number from two years ago. — Bloomberg
BEIJING: An iPhone assembler, e-commerce emporium and real-estate developer typically don’t compete in the same business – except when it comes to electric vehicles in China.
That’s because of a seismic shift toward EVs, which has spurred billions of dollars in investments by traditional carmakers, startups and titans of the internet, electronics and real-estate industries.
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