The EX30 from Volvo Cars, a Chinese made electric vehicle, offers similar power and efficiency as Tesla Model Y, priced $8,000 less, posing a competitive threat to U.S. automakers.
Chinese EV makers gain an edge due to dominant battery minerals mining, refining sector control, long EV development commitment, and government subsidies, undercutting global rivals.
Volvo's EX30's competitive pricing materializes from Geely's cost advantages and Volvo's U.S. manufacturing escape from Chinese car tariffs, potentially leveraging a tax credit loophole for further reduction.
U.S. automakers fear competing with Chinese EV imports due to the EX30's pricing and the potential impact of a subsidy loophole, prompting concerns of an 'extinction-level event' for the industry.
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