Reported 7 months ago
After surpassing U.S. competitors in sales, Chinese carmakers are closer to fulfilling Elon Musk's prophecy that they would dominate the industry. Chinese automakers, led by BYD, sold 13.43 million cars last year, outperforming American companies. Musk previously praised Chinese carmakers during a Tesla earnings call, acknowledging them as the most competitive globally. Legacy automakers' high prices inadvertently pushed consumers towards more affordable Chinese alternatives, contributing to their rapid growth. Some legacy carmakers are responding to China's auto sector growth, with Japanese manufacturers forming partnerships to compete in the electric vehicle market. However, concerns over unfair subsidies led to increased tariffs imposed by the EU and the U.S. to counter China's growing influence in the auto industry.
Source: YAHOO