It's an investment bubble, not a market share bubble. Bloomberg is making the simple point that there are an awful lot of EV companies currently and that there are a lot of investments locked up in these companies. The consequence of this market consolidating to a few successful players means that a lot of these investments will be wiped out.
However, I disagree that this is a huge problem though because I assume the likely survivors of this would be comparatively well funded meaning that the size of the investments that will be wiped out is much less than the full 18B. Also, 18B is not actually a lot in a market that is probably going to be worth hundreds of billions. Arguably it's not actually enough for China to dominate here. E.g. VW is easily matching this with their own 50B worth of investments that they announced in the last years.Finally, companies with decent in house technology or some other edge are not worthless and might end up being acquired; meaning investors get some kind of return on investment. It's the weaker players without interesting technology or enough funding that are going to be wiped out first. If you invested in those, yes you will lose your money.
I'd be more worried about the ICE bubble of manufacturers that are failing to adapt to EVs. E.g. BMW seems to have a problem here and Toyota has been dragging its heels rolling out decent EVs as well and instead continue to invest in dead ends (in my view) like hydrogen or hybrid. There's a lot of captial locked up in companies like that as well as their suppliers. That's a much bigger bubble and I think countries like Germany where I currently live are going to have a very rough decade where lot of traditional companies are either going to scale down or disappear entirely. EVs seems to have been growing more rapidly than some of these companies hoped and this is already hurting them. In Germany there are thousands of companies employing hundreds of thousands of people that are going to be affected by that.