Electric vehicles aren’t yet living up to the hype, automakers in China are finding, as they churn out more EVs than they can sell to satisfy government directives. Beijing tempts buyers with subsidies and the construction of a vast charging network—and pushes consumers to buy electric cars in crowded cities. The policies have made China a driving force in worldwide development of EVs, and left foreign automakers scrambling to keep up. Yet at the Guangzhou Auto Show, companies are reckoning with the challenge of attracting buyers—and generating profits—while meeting Beijing’s requirement that electric vehicles account for roughly 3% to 4% of their total output in 2019. Volkswagen AG aims to build 400,000 EVs by 2020 to meet the green-car targets […]