How China’s car dealers are driving the EV revolution

News Snapshot:

Haipeng has shut down six dealerships selling foreign-branded internal combustion engine (ICE) cars and added 27 local EV brand stores to its sales network over the past three years. The group saw profits generated by its ICE car business drop 20 per cent in 2023 compared with the previous year, while its EV revenues more than doubled. “If we had chosen to stay in the ICE car segment, our customer base would’ve shrunk by 30 per cent by now,” said Hu Pengcheng, president of Haipeng. “As a dealer, we need to adjust to the industrial change and learn how to...