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Biden really, really doesn’t want China to flood the US with cheap EVs
(www.theverge.com)
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this post was submitted on 10 May 2024
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The US doesn't control the supply chains. Biden subsidizes EVs as well. US labor is too expensive and the resale value of EVs are very poor. If there is a country that can make EVs cheap enough, it is China. The EU and US stand no chance. Even with safety standards and 27% tariffs, Chinese cars are still cheaper, and the quality is good. US currency is artificially too high. US traded in their manufacturing for financialization. This is a case where Joe Biden can't beat the global market, with the rest of the world buying China. American EVs are a flop.
It's not US labor that is the most costly, it's US executives and c-suites