This photo taken on April 18, 2024 shows BYD electric cars for export waiting to be loaded onto a ship at a port in Yantai, in eastern China’s Shandong province. Last year, China became the world’s foremost auto exporter, according to the China Passenger Car Association, surpassing Japan with more than 5 million sales overseas.
The U.S. has lofty goals for expanding its own EV industry. California, which accounted for 37% of the nation’s electric car sales as of 2022, aims toConcerns about Chinese oversupply have come just as a broader slowdown in sales has hit EV makers. Tesla announced Monday that it wouldIn the company’s last earnings report in January, Chief Executive Elon Musk warned about the competitiveness of Chinese brands. BYD, China’s largest EV maker, surpassed Tesla in car sales last year.
“It always had these ingredients waiting around,” said Cory Combs, an associate director for Chinese energy policy at the consulting firm Trivium China. “It was kind of a magic moment for these things to come together.” “There is a ton of pressure, especially if you are a smaller player, to find a market that is less competitive,” Combs said. “And every market is less competitive than China’s.”Race car in Sri Lanka veers off track killing 7 people and injuring 20, officials say
“When the global market is flooded by artificially cheap Chinese products, the viability of American and other foreign firms is put into question,” Yellen said. How the U.S. is addressing the emergence of China’s EV dominance has already become a hot-button issue for the presidential election in November.
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