The Chinese EV market is extremely complex to understand due to various facets
The company which made the Lamborghini copycat car has failed terribly. We know that China had close to 500 EV companies up until a couple of years ago. The government offered immense subsidies for new companies to establish and dominate the global EV markets. However, things didn’t go as planned. In recent years, we have seen many credible reports showcasing the excess EVs produced getting rotten at isolated locations all across the country. Going forward, things don’t seem to get much better for the majority of the car brands.
Lamborghini Copycat from China Fails Miserably
This comprehensively detailed video from China Observer encapsulates the depth of tragedy the Chinese EV market has been going through for a while now. The report mentions that as of November 2025, over 400 car companies have already exited the market. In fact, of 486 EV companies in 2019, only 40 are surviving today. That is a clear indication of how severe the situation is. Talking specifically about the Lamborghini copycat company, Qiantu Motors, it was founded back in 2015 with an investment of 3 billion yuan (approximately USD 428 million or Rs 4,000 Crore). In 4 years, it only managed to sell 179 cars.
The first electric supercar it produced was the K50, which was priced at a whopping 680,000 yuan. It had an all-aluminium body and carbon fibre components. However, due to the lack of brand value, the customers didn’t opt for it. After subsequent failures, the company was declared bankrupt in January 2025. During its operations, it lost close to $1.4 million (Rs 12 Crore) with every sale. This is just one of hundreds of carmakers which had to close operations due to the lack of demand. The global markets, like the U.S. and Europe, also demonstrated resistance against the low-priced Chinese electric cars. All factors combined, only a handful of Chinese carmakers could survive these challenging times like BYD.
My View
Having closely followed the global automobile industry for many years now, I find this event quite complex to understand. The main reason for this is the lack of trustworthy information from China. While the sales numbers are often bloated and false, the ground reality suggests otherwise. Just to take advantage of generous government subsidies in the last decade, dozens of new companies emerged, perhaps not to cater to the demand, but just to make some profits. On top of that, the increased competition and underwhelming demand further exacerbated the problem. Hence, it won’t be a surprise if we just have around 10-15 mainstream Chinese EV companies in the coming years.
Editor’s Note
Yatharth Chauhan, Managing Editor
From an Indian market perspective, this episode is a stark reminder that subsidies and scale alone cannot replace brand trust, product relevance, and a sustainable business model. We often hear fears of China “flooding” global markets, but stories like Qiantu Motors show how brutally unforgiving the auto industry can be. Indian car buyers, much like global customers, value credibility, aftersales assurance, and long-term viability over flashy specs. This is precisely why only a handful of Chinese players will endure, and why India’s cautious, phased EV transition makes far more sense.
Also Read: Tesla Cybertruck Copycat from China is a Weird-Looking Contraption
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