China's Affordable EVs Outpace US, Forcing Automakers to Adapt
-
Chinese electric vehicle (EV) makers like BYD have grown rapidly and are now outselling Tesla, forcing US automakers to step up their EV game.
-
China has deliberately developed a strong domestic EV supply chain and offers EVs at mass market prices the US can't yet match.
-
China wants to expand EV exports but faces trade barriers in the US and Europe, so is exploring building plants in Mexico and Europe.
-
The US is trying to subsidize its own EV industry to keep up, but it's unclear if that will be enough to fend off cheap Chinese competition.
-
There are debates around how much the US should protect domestic automakers versus letting in foreign competition that benefits consumers.