China has sharply ramped up its production of cheap electric vehicles, solar panels, and batteries just as the Biden administration has pushed through legislation supporting many of those same industries in the United States. ⠀
Chinese automaker BYD had recently introduced an electric SUV at the “astonishingly low” price of $14,000. China’s auto industry poses an “existential threat” to U.S. carmakers, the report argued. ⠀
After more than a decade of subsidizing its automakers, China has built a substantial car industry that accounts for 60% of global electric vehicle sales, according to the Paris-based International Energy Agency. ⠀
Yellen highlighted the Biden administration’s concerns by recalling a visit a week earlier to Suniva, a solar cell manufacturer in Norcross, Georgia.
The company “was once forced to close down, like other companies across a number of industries, because it could not compete against large quantities of goods that China was exporting at artificially depressed prices,” Yellen said. ⠀
China hasn’t committed to any steps to address American concerns, arguing that its cheap solar panels and other green products are helping the world wage the costly battle against climate change.
I have no problem with this, I’d buy a Chinese Ev today if they were available.
I bought a MG4, I’m extremely happy with this car and I hope the arrival of Chinese EV will lower the price of all EVs.
Yes, green technology, bUt At WhAt CoSt? (US losing hegemony is the cost)
Oh no! We didn’t get on board and now we are falling behind.
If it isn’t the consequences of our own actions
GOOD. The US has practically raped the entire world. It’s time we pay, all of us.
China hasn’t committed to any steps to address American concerns, arguing that its cheap solar panels and other green products are helping the world wage the costly battle against climate change.
Based. Pay no attention to the shit the US government says.
It helps wage the war against climate change, cost of living, and inflation. Simultaneously. How spectacular.
But America is worlds #1 oil producer. This is horrible for the shareholders.
why would they NOT help make the transition to EVs cheaper?
this reads like a bad thing, just because it might hurt the us?
I am not sure i fully understand the issue. Are the cars and solar panels not good? Or is the issue that american car companies can’t compete? Because the latter is not really an issue.
Arnaud Bertrand wrote a great article on this.
TL;DR: The 3 main signs of overcapacity (capacity utilization rates, inventory levels, and profit margins) for China are all at similar rates as the US, indicating they are not in overcapacity. And they aren’t even selling them at a lower price abroad than at home to beat competition; it’s the opposite. He concludes that China is simply getting too efficient at manufacturing these days and the US is starting to struggle to compete with that, and this is just them trying to convince China to slow down.
So yeah, the actual “issue” here does seem to just be that the US isn’t able to compete with China in these fields anymore.
Then they can get fucked honestly. “Oh no I’m not winning in capitalism! Ban the competition! 🥺”
the actual “issue” here does seem to just be that the US isn’t able to compete with China in these fields anymore.
That’ll happen when you outsource all your manufacturing for a few decades in the pursuit of quick profits for wall street.
Have you sat in a Chinese EV? They put US and European one to shame.
Chinese solar panels used to not be great, but today they’re easily competitive with the best that US and European vendors have to offer but at a fraction of the cost.
The Xiaomi SU7 is a perfect example. Xiaomi took 3 years from concept to their very first car. That in itself is insanely impressive, let alone the fact it’s a great EV with a tonne of self-driving capability to rival Tesla, and comes in far cheaper. Watch the YouTube video about Xiaomi’s SU7 factory, it’s very impressive.
Meanwhile Apple decided to pull the plug on their first car. It’s pretty telling of the situation.
I love how threatened the American capitalist class is about competition.
Makes sense… The only version of capitalism that works is government protected monopolies for a few… The only competitive strategy they know is lobbying
