"By 2024, nearly half of all cars sold in China had plugs. Internal combustion automakers in China are suffering or shuttering. And the reverberations are perhaps even stronger abroad. China shifted from an also-ran to the world’s dominant auto exporter over the past five years, displacing Japan, South Korea, and Germany. It shipped more than 5.5 million cars overseas in 2024. Other countries have begun to panic that their own auto sectors could be eviscerated by the competition of cheaper, cleaner vehicles from China. The United States has effectively banned imports from China, while Europe has imposed serious tariffs.
Yet just like in the solar sector, where thin profits and high debts have turned some firms into sprinting zombies, the Chinese EV space is full of failed and failing enterprises. Even BYD, the biggest player globally, seems to be dangerously close to spinning out of control. Its sales over the past few months have faltered badly compared with the previous year, and murmurs about its debt burden lead some to wonder if it too might collapse—even as people around the world are still dying to get their hands on these cars, and other automakers strain to compete.
Indeed, the greatest beneficiaries of China’s renewables revolution may, in fact, be consumers, both inside and outside of China. In sun-blessed Australia, where rooftop solar panels sit atop nearly a third of all households, the country’s energy minister, Chris Bowen, proposed a “solar sharer program” to offer three hours of free electricity on sunny days. Solar and battery systems have allowed Hawaii to close its final coal power plant, and such systems are similarly helping other islands like Jamaica to reduce their need for imported fossil fuels."
https://www.wired.com/story/china-renewable-energy-revolution/
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