it is a huge fund to accelerate production. in this mid-year Chinese electric vehicle is a downturn due to pandemic and government subsidies. But in august sales raised year to yearlong for consumer confidence return. in china have more than 400 registered electric vehicle making companies.
yes, almost all vehicle companies are moving to NEV production. The Chinese authority invested NEV sector since 2009 and providing subsidies to promote the industry.
it is a big industry in the Chinese market. This fund will help the company to ramp up the market outside of the country.