<
https://thedriven.io/2024/03/15/stranded-assets-chinese-fossil-car-production-plunges-amid-surging-ev-demand/>
"Dormant Chinese ICE vehicle factories may be the giant canary in the coal mine
for the global car industry as it faces a death spiral thanks to the rapid
shift to electric vehicles.
The
Financial Times story this week titled “Zombie car factories on the rise
in China as buyers opt for EVs” reports that the asset value of internal
combustion engine (ICE) vehicle factories has plummeted as legacy carmakers
scale back production because of the growing popularity of electric vehicles.
The gigantic stranded asset problem facing fossil carmakers has been
anticipated for many years by keen observers of the industry however now “its
happening”.
The
Financial Times says in 2017, Hyundai invested $US1.15 billion in a new
factory in Chongquing in south-western China the capacity of 300,000 ICE
vehicles per year but just 6 years on and the company has been forced to sell
the new factory in December “for less than a quarter of the investment value.”"
Via
Fix the News:
<
https://fixthenews.com/good-news-child-deaths-clean-cooking-conservation-southern-ocean/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
