Chinese EV dominance is clear but should we be worried?

China dominates the global electric vehicle (EV) industry today, and it is only likely to get more dominant in the future. Chinese dominance spans manufacturing, batteries, supply chains and demand. Today 60% of all EVs sold in the world are in China. Nearly 40% of new car sales in China are now EVs. And more than half the world's EV batteries are made in the People's Republic. The US is a distant second with about 15% of the world's market. During the last quarter of 2023, BYD, the largest Chinese player (and a maker of both batteries and EVs), overtook…