Electric vehicles (EVs) from China are setting new standards for speed and are spreading around the globe, upending the industry used to a sedate cycle of marginal improvements. In 2023, Chinese industry groups claim that China became the world's biggest exporter of cars in part because of surging sales of EVs, overtaking Japan as the global leader. In the final quarter of 2023, BYD surpassed Tesla as the world's biggest manufacturer of purely battery-powered vehicles and selling more than them. The shift away from internal combustion engines (ICE) is gathering pace, and established carmakers are beginning to worry that Chinese upstarts might run them off the road due to their expertise in EVs, government subsidies, and domestic market size. However, many of these new EV startups are not yet profitable despite the generous handouts from the government, and as their exports increase, the government may balk at subsidizing them further.
Read this story from "The Economist" for free without being tracked.
https://read.distractionfree.site/economist/briefing/2024/01/11/western-firms-are-quaking-as-chinas-electric-car-industry-speeds-up
#ElectricVehicles #China #EVIndustry #BYD #Tesla #InternalCombustionEngines #GovernmentSubsidies
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2024-01-23 19:09:32
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npub19vqkmyttvpwpul5njms9ej6hgc30e2t03shnx9dzyvy4gwstcc4s0mj236Published at
2024-01-23 19:09:32Event JSON
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"content": "Electric vehicles (EVs) from China are setting new standards for speed and are spreading around the globe, upending the industry used to a sedate cycle of marginal improvements. In 2023, Chinese industry groups claim that China became the world's biggest exporter of cars in part because of surging sales of EVs, overtaking Japan as the global leader. In the final quarter of 2023, BYD surpassed Tesla as the world's biggest manufacturer of purely battery-powered vehicles and selling more than them. The shift away from internal combustion engines (ICE) is gathering pace, and established carmakers are beginning to worry that Chinese upstarts might run them off the road due to their expertise in EVs, government subsidies, and domestic market size. However, many of these new EV startups are not yet profitable despite the generous handouts from the government, and as their exports increase, the government may balk at subsidizing them further.\n\nRead this story from \"The Economist\" for free without being tracked.\n\nhttps://read.distractionfree.site/economist/briefing/2024/01/11/western-firms-are-quaking-as-chinas-electric-car-industry-speeds-up\n\n#ElectricVehicles #China #EVIndustry #BYD #Tesla #InternalCombustionEngines #GovernmentSubsidies",
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