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Electric cars in China

Xpeng remains bullish on China EV market despite Tesla's entry

Co-founder says foreign makers, AI and 5G will give growth a massive boost

A China-made Tesla Model 3 appears at a delivery ceremony at the Shanghai Gigafactory of U.S. electric car maker Tesla in Shanghai on Dec. 30.   © Reuters

GUANGZHOU -- China's market for electric vehicles, the world's largest, screeched to a halt in 2019 after several years of torrid expansion, as the government sharply reduced subsidies on EVs.

New energy vehicles, most of which are electric, declined 4% to 1.2 million units, marking the first-ever contraction in the year. The sharp deceleration runs counter to the predicted swift and massive shift to EVs in the world's biggest auto market.

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