Name: Inside China's EV Takeover
Uploaded: 2024-05-16T04:04:00Z
Duration: 5 min 14 s
Description: Chinese car makers are ramping up electric-vehicle production, posing a challenge to U.S. automakers. WSJ’s Yoko Kubota traveled to the city of Hangzhou to see the impact of China’s EV boom.

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Chinese car makers are ramping up electric-vehicle production, posing a challenge to U.S. automakers. WSJ’s Yoko Kubota traveled to the city of Hangzhou to see the impact of China’s EV boom. Photo: Andrea Verdelli

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Chinese car makers are ramping up electric-vehicle production, posing a challenge to U.S. automakers. WSJ’s Yoko Kubota traveled to the city of Hangzhou to see the impact of China’s EV boom.

Inside China's EV Takeover

These electric cars used to be the latest technology on China's roads. But now, hundreds of these models lie forgotten in the giant clearing, lost to waves of new and improved electric cars. The city of Hangzhou is littered with electric vehicle graveyards, just like this one. China has shifted rapidly to electric cars. The US is worried that Chinese car makers could flood its markets with cheap and good electric cars, posing a challenge to the American auto industry. Outdated EVs have been left in fields like this across China's eastern city of Hangzhou over the past few years. This EV graveyard has hundreds of electric cars, and the Chinese government has pumped money into this sector. There has been technology developing very quickly in terms of the electric vehicle models. That also means that the older vehicles become obsolete relatively quickly. Washington is worried that an oversupply of Chinese EV will flood the global market, and there are already signs of a deluge of EVs in China. In Hangzhou, we came across hundreds of new EVs stored out in the open, many of them waiting to be sold. China has the ability to produce roughly twice as many cars as it sells at home each year. The government has thrown its weight behind the EV industry to cement China's global lead.

China has the entire ecosystem working for it. China has battery, China has ore, lithium ore, and the entire value chain is predominantly Chinese. So eventual winner is going to be China.

Yoko: That threatens companies like Tesla, which briefly lost its crown as the top EV seller to China's BYD last year.

There's a lot of people out there who think, like, the top 10 car companies are gonna be Tesla followed by nine Chinese car companies. I think they might not be wrong.

Yoko: Chinese automakers have already been shipping more electric cars to Europe, raising competition for local players. The US doesn't want that to happen on its own shores. To get ahead of the curve, President Biden announced that he will impose a 100% tariff on Chinese electric vehicles.

I'm determined that the future of electric vehicles will be made in America by union workers, period. Yeah!

Despite resistance from the US, China's EV industry is growing. The Beijing Auto Show is a chance for car makers to show off their new EVs before they hit the market. The sector has attracted dozens of new players over the years trying to cash in on the boom. One of them is Xiaomi, a tech giant best known for its consumer gadgets. This is the Xiaomi car. If you place an order today, you have to wait about six or seven months to get this car. And this is probably one of the hottest cars at this auto show. Many people are lining up for 30 minutes or more just to get into this booth to try out this car. The company already has around 70,000 orders in China and says it's highly automated plant is able to build a car every 76 seconds. Xiaomi Seal wants to eventually ship its cars around the world.

If anyone wants to start a conventional car company, they need to have hundreds of thousands of components to come together. Whereas EVs, the entry barrier is significantly lower. Components are fewer, components are prepackaged, and therefore, if you and me decide to buy, start a EV company, it is relatively easy. It's possible.

Yoko: American automakers may also face competition from established companies like BYD. Known for mass producing affordable cars, it wants to build a factory in Mexico which could help it circumvent the hefty tariffs that the US has on Chinese vehicles. BYD's cheapest EV model, the Seagull, is sold at around $10,000 in China. Under the new US tariff, a buyer in America would end up paying at least double that amount for the same car. China, which firmly opposes the new tariffs, is already the world's biggest auto exporter. But gasoline cars still make up a big part of the export. The US is concerned that the exports will soon include more EVs.

You look at American automotive history, earlier they had the GM, Ford, Chrysler streak. Then Japanese went there. Now it's the third wave. Now it's Chinese knocking on their doors and there is nothing you can do. Once you say that you are open market, you want to promote global marketplace, et cetera, there is nothing you can do to stop them.

Yoko: US automakers pioneered electric vehicles and the technology that drives them, but now, they're playing catch up in a race to the top with China.

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