A bipartisan, federal response is required for the United States to compete with China’s ownership of the next generation of transportation, according to a new report from Securing America’s Future Energy (SAFE).
By 2040, Bloomberg New Energy Finance (BNEF) foresees the global stock reaching 500 million EVs. Even the Organization of the Petroleum Exporting Countries (OPEC) foresees roughly 320 million EVs on the road
by 2040.
Across the industry, automakers will invest $300 billion over the next five to 10 years on EV development and production. Nearly half of this investment spending will occur in China, SAFE reports.
China has set a target for NEVs to account for a fifth of overall car and truck sales by 2025, compared with the current level below 5%.
The EV industry is a pillar of the ruling communist party’s controversial Made in China 2025 program aimed to dominate hi-tech fields globally.
For the rest of this article: https://www.mining.com/china-ev-ambitions-threat-to-entire-us-auto-industry-report/