, more than any other Chinese company. The fact that three more automakers, BYD, Great Wall Motor and Anhui Jianghuai Automobile Group , rank in the Top 10 shows the strategic priority of the industry for Beijing.additional 520 billion yuan will be in place until the end of 2027The speed and strength of China’s EV market has left global automakers scrambling, and some are now turning toward alliances with their Chinese counterparts.
, with three of the biggest European economies at the inflection point and the U.S. still hovering below 10% market share.... [+] International Automobile Industry Exhibition at the National Exhibition and Convention Center on April 18, 2023 in Shanghai, China. , nearly double last year’s volume. Back in April at Auto Shanghai, BYD’s “Seagull”, an entry level EV with a 186-mile range and a starting price of $11,000, created as much excitement among analysts as it raised concerns among Western incumbents.
Clearly, China’s concerted, long-term measures have led to an enormous depth and breadth of domestic EV offerings across all customer segments and price points. If the stigma of Chinese cars being somewhat lesser copies of Western models was ever true to the extent it has been portrayed in our climes – these days are gone.
The question is, are the U.S. and Europe ready for this wave of technologically and qualitatively competitive EVs, particularly those that will come at slashed prices?The U.S. is taking a multi-pronged approach.. In particular, its local content requirements create a real headache for carmakers from outside the U.S. or a country that has no free trade agreement with the U.S. in place — like China .