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Western firms are quaking as China’s electric-car industry speeds up

YcombinatorYcombinator · 9m
Western firms are quaking as China’s electric-car industry speeds up

China's electric vehicle (EV) industry is revolutionizing the global market. With a rapidly growing domestic market and government subsidies, Chinese manufacturers are becoming leaders in EV production. In fact, BYD, a major Chinese firm, overtook Tesla in 2023 as the world's largest manufacturer of purely battery-powered vehicles. This shift is concerning established carmakers, who fear being overshadowed by Chinese upstarts. However, Chinese firms may face obstacles such as profitability challenges, subsidies reduction, and security concerns in exporting countries. Nonetheless, it is highly likely that Chinese EVs will dominate global roads in the same way Japanese and South Korean cars did in the past.

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