It’s EVs. BYD, which is completely subsidized by the Chinese govt + their huge advantage in EV battery sourcing/manufacturing, is kicking the West’s ass.
Get rid mandates tied to The Religion of Electric Vehicles/Climate Change, their competitiveness “magically” returns.
“BYD, which is completely subsidized by the Chinese govt”
The usual suspects, Warren Buffet and Blackrock own substantial shares, of course no controlling interest. They have no scruples were they make their money.