China reins in EV makers as watchdogs struggle to keep up

Chinese authorities sought to pump the brakes on the country’s breakneck automotive expansion as they iron out safety and liability concerns. 

Domestic carmakers’ rapid advances in electric and autonomous vehicles are forcing officials to urge companies to slow their rollout of self-driving features so watchdogs can catch up, the Financial Times reported.

China’s industry ministry has also cautioned against a mounting EV price war after market leader BYD instituted price cuts, sparking concern over involution, a little-used economic term whereby excessive competition ultimately harms progress. Appropriately, Bloomberg noted, its direct translation from Chinese literally means “rolling inward.”