Electric cars are booming in China. Not even the semiconductor crisis has put a damper on sales so far. In July, 271,000 electric cars were sold, which is 164 percent more than in the same month last year. Nevertheless, the industry is now facing mass extinction: a handful of start-ups are about to meet their demise, while others are drifting towards an unknown fate. Byton, Faraday Future and ICONIQ all set out with great ambitions, even bringing experienced Western car managers and designers to the fold. But breakthrough remained out of reach.
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