BYD, a Chinese automaker, has emerged as the fastest-growing car brand in the U.K. and Brazil, recently surpassing Tesla in sales across Europe. The demand for electric vehicles (EVs) has surged globally, with BYD leading in various markets, including Brasilia, where it outsells all other cars. While the International Energy Agency predicts that EVs will constitute one in four cars sold this year, the U.S. is falling behind due to previous administrations' policies that hinder the development of the EV sector. Experts fear that the U.S. automotive market may become isolated and stagnant compared to its global competitors, especially China.
"The world is going electric: The International Energy Agency recently projected that one in four cars sold this year will be an EV."
"Probably the most dire scenario is that the U.S. becomes somewhat isolated in an idiosyncratic market, with lots of big pickups and SUVs that don't sell in any other market."
"China already had a long head start. One factor was China's continuous support, which started more than 15 years ago."
"In Brasilia, BYD now outsells all other cars, whether they're gas or electric."
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