Car companies across the world tustle for China's electric vehicle market. Traditional car companies like Volkswagen and Toyota are having to fight to defend their market dominance as newcomers intensify competition.
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The joint statement follows a trip to Shanghai by US climate envoy John Kerry — the first official from the Biden administration to visit China.
One in three German cars are sold in China. The world's largest car market is increasingly developing into a lifeline for manufacturers during the coronavirus pandemic. But this also creates risks.
Just 357 days after construction of the Shanghai factory began, the first electric sedans were presented to buyers. The rapid roll-out is of interest in Germany, where Tesla's first European Gigafactory will be built.
Chancellor Merkel’s coalition has refused to provide incentives for the purchase of conventional cars, leaving carmakers disappointed. Car sales have taken a battering due to COVID-19, but there is a silver lining.
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