China's EV auto makers consider alliance

A handful of China’s many electric vehicle (EV) start-ups are considering setting up an alliance to pool resources, develop joint technology and bring cars more quickly to the world’s biggest autos market. In a sign that the country’s fledgling EV industry is already consolidating as rules get tougher and competition fiercer, Shen Haiyin, co-founder and CEO of Singulato Motors, said his company and four others – CHJ Automotive, Hongxing Automobile Manufacturing Co, AIWAYS and WM Motor – have discussed an alliance for months. Beijing wants 8% of automakers’ sales to be so-called new energy vehicles (NEVs) – battery electric or plug-in hybrids – by next year, rising to 12% in 2020, according to latest draft proposals released last month. Shen, known as Tiger Shen, told Reuters the start-ups aim to finalize the move by end-September with the aim to start developing a common EV platform by the end of this year.