That is a sincere understatement.

The U.S. does not realize how far ahead China is.

When Charlie Munger raved on about BYD I thought that there was some hyperbole, but, the U.S. will unfortunately learn the hard way what the effects of protectionism is.

Tesla, and by extent, the U.S. will go down a path of mediocrity due to the lack of competition, and for what little gain; even Tesla’s cars are largely manufactured in China. GM and Ford recognize they no longer can compete in the electric vehicle industry.