China is set to take over the global car market
China is increasingly dominating the global car market as its own brands grow and its factories also produce Teslas, Volvos and BMWs.
Chinese car brands have been growing in the Middle East and Latin America. China-made cars sold in Europe are mostly electric models from Tesla, Volvo, MG and BMW, reports Bloomberg.
The trend is a clear sign that China has moved beyond being the world’s factory for simple and cheap products.
Chinese companies are increasingly competing globally with more complex and sophisticated products. Chinese car brands that are on the rise include BYD and Nio.
Tesla Chief Executive Elon Musk has said Chinese car companies are the most competitive in the world as they “work the hardest, and they work the smartest.”
A Chinese car company will probably rise to become Tesla’s closest competitor, Musk has said.
As China-made cars get better, it’s becoming harder for European carmakers to compete.
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