It didn’t gain much attention in the United States, but BYD, China’s top electric vehicle manufacturer, recently overtook Tesla to become the world’s leading maker of electric cars.
BYD’s revenue increased by 72%, gross profit increased by 4.33%, and income increased by 205%, while Tesla’s gross profit declined by 6.8%.
The problem is that the U.S. has only a fraction of the capacity to manufacture the batteries we need to meet even current demand. And China, our leading geopolitical adversary and the source of much of the raw materials required to make those batteries, now has even more reason to keep its rare earth minerals at home to help BYD.
There are signs of progress toward a U.S. EV industry that is more independent of unsavory global forces. U.S. companies recently invested $24 billion in EV battery manufacturing, more than 28 times the amount in 2020. As for Ford Motor Co., the carmaker is trying to help close the gap in U.S. battery production. It plans to become the first automaker to produce lithium iron phosphate — or LFP — batteries in the U.S.
Ford’s battery plant, which is already under construction, will employ 2,500 Americans and bring to scale U.S. EV battery production that is quicker and more cost-effective than any that exists today.
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