(Photo: Chinese cheap electric cars waiting to be shipped)
“Ultimately, some of the car companies that have been the cornerstone of how we’ve thought about cars for the last 100 years will be a fraction of their size in the future,” said Gene Munster, a managing partner at Deepwater Asset Management.
The EV gap between legacy carmakers and newer rivals is vast. In 2022, Tesla delivered 1.31 million battery EVs. BYD ( a Chinese automaker) tripled sales from the previous year to reach more than 900,000 (a figure that climbs to almost 1.86 million when plug-in hybrid vehicles are included).
By comparison, the Volkswagen Group, including Audi and Porsche, sold 572,100 battery electric vehicles, while Stellantis (STLA), which makes Chrysler and Jeep, came in at 288,000. Toyota, Ford and General Motors (GM) are even further behind. (CNN)
The race toward producing cheap electric cars is in China’s wheelhouse!
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