Chinese EV Makers Post Record Sales As US Industry Continues To Flounder Despite Billions In Biden Subsidies

China is tightening a noose around the world’s EV market while American auto manufacturers are sucking wind, despite being showered with billions in federal subsidies.

China’s share of the global EV market has surged in recent years, risingfrom 48% in 2020 to 76% in October as Western automakers dial back their EV efforts in spite of the tens of billions in subsidies the Biden White House has lavished upon the industry. The trend appeared to continue in December, with many of the Asian superpower’s top EV makers, including BYD, Li Auto, XPeng and NIO, posting record sales.

BYD sold 514,809 vehicles in December, bringing the company’s full-year sales to 4.3 million vehicles — a 41% increase from 2023, according to The Wall Street Journal. The increase stemmed largely from a 58% annual increase in overseas sales, as well as the Chinese government doubling a subsidy for consumers who trade in traditional, gas-powered vehicles.