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DETROIT – General Motors CEO Mary Barra has said there are so many companies trying to sell electric vehicles in China right now that it’s driving a price war that isn’t sustainable.
Barra made the comments at the TechCrunch Disrupt conference in San Francisco on Tuesday, responding to a question about the explosion of EV sales in China. More than 120 brands sold EVs in China in 2023 compared with about 60 in the US — putting into perspective just how much competition there is for GM and other manufacturers, reported MSN.
The EV market in the country is oversaturated, Barra said Tuesday, echoing comments she’s made recently. She said that the EV business in the country was “shifting dramatically” — and that “lower and lower” prices being driven by such competition would become untenable.
“From a China perspective, EV adoption has been heavily regulatory-driven,” Barra said, referring to the Chinese government’s push for EV adoption. “But what also has occurred is there are over a hundred Chinese OEMs right now, primarily focused on EVs,” she added. OEMs are original equipment manufacturers that create parts for other businesses to use in their products.
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