China is the biggest market for EVs & is expected to grow over 50% in 2021. Biden says China will not win the race.
According to official data, in early 2019, China was home to a staggering 635 companies making new-energy vehicles, including electric cars. However, only 80 of those have had an actual product to show for their efforts by the end of the year, according to state media Xinhua News Agency. According to China’s business database Qichacha, the number of new Chinese businesses related to “new energy vehicles” surged by 81,000 this year through mid-August, bringing the total to more than 321,000. That’s in addition to the 78,600 new energy vehicle businesses that entered the fray in 2020.
The competition for #lithium has already started in Argentina. But it involves Chinese mining firms only. When is the US going to join the party? Does it really plan to rely on its own production (where?) & strategic allies (who?).