Part 7/10:
As the world began to awaken to the electric vehicle revolution in the 2010s, China's structural advantages became even more pronounced. A significant commitment in subsidies, coupled with consistent government backing, provided Chinese manufacturers the confidence needed to innovate and expand rapidly. This environment catalyzed over 200 EV venture firms vying for market presence.
The competition within the industry bolstered a rapid advancement in technology and extensive diversification of vehicle offerings. From luxury EVs to budget models, every market segment was accounted for, effectively saturating the domestic market with options.