economy
February 6, 2026
How America’s EV retreat is increasing China's control of global markets
U.S. automakers are pivoting away from EVs to refocus on gas-guzzling trucks and SUVs while Chinese manufacturers are expected to keep growing electric exports.
TL;DR
- Stellantis announced a $26 billion charge due to a business overhaul, including a pullback in EVs, citing overestimated pace of energy transition.
- U.S. automakers like Ford and GM are shifting focus from EVs to gas-guzzling trucks and SUVs due to billions in losses and reduced federal tax credits.
- Chinese automaker BYD surpassed Tesla in EV sales, highlighting the growing global dominance of Chinese EV manufacturers.
- Global market share for Chinese brands has jumped nearly 70% in five years, with fears of them flooding global markets and undercutting prices.
- The U.S. has imposed 100% tariffs on Chinese EVs, but Chinese brands have expanded across Europe, South America, and other regions.
- China's automotive sector has become the largest exporter of vehicles globally since 2023, fueled by government funding and innovation.
- While U.S. automakers' global market share has declined, Chinese automakers BYD and Geely have seen significant growth.
- Tesla's Elon Musk is increasingly focusing on robots and AI, warning that Chinese companies will "demolish" global rivals without trade barriers.
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