The Financial Times reported that Mathias Miedreich, CEO of Belgian conglomerate Umicore, said that sales of Chinese-made electric vehicles outpace those from the U.S. because of their superior performance and better price. In the interview, he said that Chinese electric cars sell well because they are genuinely good, and it seems like American companies are struggling to introduce good electric cars.
Umicore manufactures automotive battery cathode materials with customers including German Volkswagen, BMW, and AESC, a major Chinese automotive battery manufacturer.
According to the China Passenger Car Association, in 2023, the sales of battery and plug-in hybrid electric vehicles in China increased 36% from the previous year to 7.7 million units. Electric vehicles accounted for over one-third of China’s 21.7 million new cars in 2023.
On the other hand, the figure rose by 58% in the U.S. market to about 1.5 million during the same period, but the market share was only 9.6%.
Miedreich repeatedly expressed his skepticism about President Joe Biden’s climate change policy, the Inflation Reduction Act (IRA), saying that the demand for electric vehicles may not increase as expected.
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