Overview

• China has surpassed the US in the electric vehicle (EV) market, with BYD overtaking Tesla as the top EV manufacturer in 2023.
• Chinese EVs are gaining global traction, exploiting loopholes to enter new markets and being seen as status symbols in countries where they are not officially sold.
• Despite trade barriers, Chinese EVs like the Polestar are making significant sales in the US, supported by policies like the $7,500 tax credit under the Inflation Reduction Act.
• Chinese companies are expected to dominate the global EV market, with predictions that 70% of the top EV companies will be Chinese.
• The US struggles to compete in the EV market due to a lack of domestic battery production and the rapid development of Chinese EV technology.