After being largely irrelevant on the global stage historically, Chinese car companies are coming to eat the world’s lunch. That’s not exactly news at this point; President Joe Biden’s steep new tariffs announced in May thrust the meteoric rise of China’s electric vehicle industry into the mainstream conversation.
But we’re learning more and more about the threat that cheap and high-tech Chinese EVs pose to established players like Ford, General Motors, Volkswagen and even Tesla. A new report from the consulting firm AlixPartners projects that Chinese automakers will gobble up 33% of the global car market by 2030, up from around 21% today. Put simply, one in three cars sold in 2030 will come from a Chinese brand, up from one in five today.
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