The new electric vehicle subsidies were a very very significant nail in this coffin, but frankly China was very correct in moving in that direction. ICE only vehicles are a dead end at this point for most places. The range is high enough that you'd need to be hauling cargo that frankly should go on electrified trains with a hybrid like the byd shark fitting the edge cases.
The writing was on the wall long ago. At this point China has phased out it's direct to consumer subsides for new EV purchases but it doesn't matter because new EVs are STILL cheaper than ICE cars with better amenities and lower operating cost.