The Chinese EV brand feared by American automakers is losing ground at home.
Here’s how the US could compete While the historic antagonism between China and the U.S. appears to be morphing into a sort of “co-opetition” complete with photo ops (1), potential trade agreements (2) and some progress towards recognizing shared goals (3), the two superpowers are still eternally trying to one-up each other when it comes to AI, manufacturing (4), earth observation (5), intel and more — including, recently, auto manufacturing
Developments on China’s tech (6) and automation (7)fronts have had international carmakers shaking in their boots this year, particularly when it comes to electric vehicles. Must Read – – Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’ – Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going “We have no chance against this,” Honda CEO Toshihiro Mibe ominously conceded in April after witnessing the staggering efficiency of one Shanghai parts factory.
Toyota and Ford executives echoed the realization that players in China’s sector are lightyears ahead, in part due to fierce competition amongst themselves that necessitates excellence. But even with all of the advantages that firms like Shenzhen-based BYD have — cheap labour, lax regulations, a more comprehensive supply chain, a wealth of rebates to take advantage of and more (8) — it seems that not even speed, quality and rock-bottom pricing can ensure staying power. Some Chinese automakers have faltering sales As recently reported by The Economist (9), BYD’s sales have been down for eight consecutive months compared to the same time a year prior.