Nio plans to begin deliveries of its ET7 electric sedan in 2022.
Evelyn Cheng | CNBC
SHANGHAI — After the last year of growth in the world’s largest auto market, China’s electric car start-ups are stepping up plans to take on Europe.
Chinese authorities only began peeling back restrictions on full foreign ownership of local automobile production in the last few years. But more than a decade ago, Beijing began spending the equivalent of billions of dollars on developing its own electric vehicles.
That’s helped local players gain an edge in producing battery-powered cars, which they’re now aiming to sell overseas. Goldman Sachs analysts predict that in four years, new government policies…