Chinese EVs Pose Potential Threat to Global Car Industry Amid US-China Tensions
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China's electric vehicle (EV) market share accounts for nearly 60% of the global EV market, with Bloomberg projecting world sales to surge 21% to 16.7 million units in 2024. Chinese automakers, such as BYD Auto Co, are expanding their presence by building factories in other countries to tap into the market growth potential. The recent advancements in battery technology have allowed Chinese companies to manufacture electric cars that compete with gas-burning cars in terms of cost. Consumers worldwide are increasingly interested in buying Chinese EVs due to their higher quality and lower price .
American politicians have taken action to prevent China from dominating the US EV market. Former President Trump vowed to impose a 100% tariff on Chinese cars imported directly from the mainland and...
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