For most of the last 100 years European luxury and Japanese and American mass-market manufacturing dominated the auto wars. Now the winner is clear: China.

China controls ~70% of the world's cobalt and lithium, ~85% of nickel, and processes over ~90% of rare earth elements. Chinese companies supply not only Chinese automakers but also Tesla, Ford, BMW, and Volkswagen.

In 2024, China overtook Japan to become the world's largest exporter of cars. BYD sold about 4.3 million vehicles — more than double Tesla. The BYD Seagull starts at $15k in China. No Western manufacturer can build a profitable EV at that price.