Autos

Why China is so far ahead of the U.S. when it comes to EV production

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The global electric vehicle market is heating up, and China wants to dominate. It has invested at least $60 billion to support the EV industry and it’s pushing an ambitious plan to transition to all-electric or hybrid cars by 2035.

Tesla entered the Chinese market in 2019 and has seen rapid growth.

China sold roughly 1 million more EVs than the U.S. in 2020, according to EV Volumes. But there are signs that U.S. is getting more serious about going electric. President Joe Biden announced a goal to reach net-zero emissions by 2050 and investments in green infrastructure. General Motors announced plans to exclusively offer electric vehicles by 2035.

Watch the video to find out how China…



Source cnbc.com

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