(Yicai Global) Aug. 14 -- China now has no less than 487 electric vehicle makers. According to a new report from the Wall Street Journal. Bankrolled by $15 billion in subsidies, with another $47 billion on the way.
However not all are going to last. The government's pumping cash into the EV initiative, but only a fraction of that amount are expected to survive and start producing cars.
Singulato Chief Executive Shen Haiyin estimates that just 10% of today's EV startups will survive the next five years. Some auto analysts put the figure nearer to 1%.
NIO, Byton and Faraday Future have all produced impressive models, however it remains to be seen which will become the Deloren or the Plymouth Fury of China. NIO,Byton and Faraday Future.