Electric car companies in China develop new products and tech 30% faster than US automakers. Chinese EV companies update models in 1.3 years vs. US's 4.2 years, posing a challenge to Tesla's slow pace.
Chinese firms like BYD release more EVs; BYD introduced 19 new models compared to Tesla's five from 2017 to 2023. ITIF report states Chinese EV quality rivals or exceeds Tesla's offerings.
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