China Is Racing Ahead in EV Sales as US Retreats From the Industry

The article highlights the growing disparity between China and the United States in the electric vehicle (EV) market. While China is experiencing a surge in EV sales, the US is lagging behind, with the article suggesting that this is happening at a critical juncture. Key points: - China's EV market is booming, with sales more than doubling in 2022 compared to the previous year. - In contrast, the US EV market has seen a decline, with sales falling by around 40% in the first half of 2022. - The article suggests that the US is "turning a corner on EVs at the worst time," as China is rapidly advancing in this industry. - Factors contributing to China's EV dominance include government subsidies, a broader range of affordable models, and a more supportive regulatory environment. - The article raises concerns about the US potentially falling behind in a critical technology that is shaping the future of transportation. Overall, the article paints a concerning picture of the US's position in the global EV market, with China emerging as the dominant player in this rapidly evolving industry.