Since 2014, Chinese electric vehicles have been dominating the global market in terms of both price and quality, according to MIT Technology Review. U

China's Electric Future Is Here — And The U.S. Is Keeping It Out

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2025-01-07 22:30:07

Since 2014, Chinese electric vehicles have been dominating the global market in terms of both price and quality, according to MIT Technology Review. U.S. companies, on the other hand, can’t keep up due to restrictive government policies, and trade restrictions prevent Americans from buying these cheaper, better models.

China accounts for over half of all global Electric Vehicle sales. Data from the China Association of Automobile Manufacturers shows the number of EVs sold annually in the country grew from 1.4 million in 2020 to 9.5 million in 2023. In comparison, annual EV sales in the U.S. grew from 0.3 million in 2020 to 1.25 million in 2023. Furthermore, EVs are much cheaper in China than in the U.S.; the average price of a new EV in China is about $34,400 compared to about $55,242 in the U.S..

In the early 2000s, the Chinese auto-industry was struggling in a global market dominated by U.S., German and Japanese automakers. Zeyi Yang, contributor on the MIT Technology Review, explains that despite being a manufacturing powerhouse, China could never have been able to compete with foreign car makers on internal-combustion vehicles.