It was during the Trump administration that the battle with China for tech supremacy took off.
Electric Vehicle Race: China Takes the Lead
A decade ago, the US dominated the electric vehicle (EV) landscape. Tesla, the American pioneer of highway-capable EVs, enjoyed a significant market share advantage over Chinese competitors.
Today, the narrative has shifted dramatically. The US now plays catch-up, capturing a mere 10% of global EV sales in 2023.
China’s dominance in the EV market can be attributed to several factors. The Chinese government’s early and significant investment in EV research and development laid the groundwork for future success. Generous subsidies for both manufacturers and consumers, coupled with the availability of low-cost raw materials like steel, made Chinese EVs highly affordable. This strategy has fueled a surge in exports, with sales reaching a staggering $34.1 billion in 2023.
However, China’s EV leadership is not without its challenges. The nation’s charging infrastructure lags behind, with only one charger for every eight EVs compared to America’s ratio of one charger per 21 EVs.
