After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market.— electric cars to the US. After years of threatening to set up shop on American shores, the companies are closer than ever to making the move to the US., eating up market share from the likes of Ford and General Motors by offering better quality and less expensive electric cars for shoppers. They've started exporting a slew of brands to Europe too.
China's EV industry has exploded in recent years. In 2022, US EV sales hit a new high of 800,000, while Chinese buyers "Is it possible for Chinese companies to do what others have done before, only now with electric vehicles? The answer is absolutely," Bill Russo, a former Chrysler executive and CEO of Automobility, a Shanghai-based advisory firm, told Insider."Who doesn't want affordable vehicles?"
Tu Le, managing director of Sino Auto Insights, a consulting firm that specializes in the Chinese auto industry, says Chinese firms aren't skimping on quality for the sake of affordability. Polestar, a Swedish EV brand owned by Geely and Volvo, already imports from China. Nio, a startup, has announced plans to enter the US by 2025.
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