China's EV mad rush turning out to be a double-edged sword

China's EV mad rush turning out to be a double-edged sword

Wang Xun, founder and chairman of the auto design and engineering firm Launch Design, poses for a picture next to a prototype vehicle at the company's office in Shanghai, China April 18, 2024. REUTERS/Sarah Wu

By most measures, the last thing China needs is more electric cars crowding a market with more losers than winners, driving down prices at the expense of profit and taking the fight for market share beyond China.