China’s Electric Vehicle Market Is Growing Too Big Too Fast

About a month ago, President Joe Biden took a big step toward his goal of slashing greenhouse gas emissions by 50% by 2030 by issuing an executive order aimed at making half of all new vehicles sold in 2030 electric. Although the U.S. electric vehicle market has been growing fast in recent years, it still lags behind markets like China and Europe, with the U.S. representing only about 17% of the world’s total stock of 10.2 million EVs compared to a 44% slice by China. In fact, the Chinese EV market has been growing so fast that the country…