Tesla gains drive China electric car bubble to bursting

Source: fntalk.com

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SHANGHAI (BLOOMBERG) – Tesla’s new Shanghai plant has churned out its popular Model 3 sedans for the past six months, catapulting the company atop the electric car sales chart and piling the pressure on cash-strapped local rivals. There was another casualty last week. Byton Ltd is at least the third sizeable electric vehicle (EV) upstart to throw in the towel since Elon Musk started his made-in-China offensive, after Bordrin Motors and Jiangsu Saleen Automotive Technology wound their operations down earlier this year. They fell victim to plummeting demand amid the trade war and coronavirus pandemic, and as the government scaled...