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According to a report from China's Global Times, 16 of the countries state-owned companies will meet next week in Beijing to formally announce the creation of the "Association of the Electric Vehicle Industry." The association will work on setting unified standards for electric vehicles (EVs) and hopes to improve upon core technologies to make the nation's EVs more competitive in the global marketplace.

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Not so long ago, the Chinese government was encouraging automotive manufacturers as a way to stimulate the country's economy. Now, however, the National Development and Reform Commission has hit the brakes with new rules dictating how China's burgeoning automotive industry can expand. "Signs of overcapacity have already appeared, and could worsen," read a statement from the commission.

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