SHENZHEN, China/TOKYO — The rise of electric vehicles in China is fueling a shakeout in its auto market, weeding out players lacking the wherewithal to keep pace while the government bolsters a select few players in its bid to make the country an automotive powerhouse.
The mounting challenges of the Chinese market, with a cooling economy driving a race to the bottom on prices, have been underscored by Mitsubishi Motors’ decision to withdraw from Chinese production.