South Korean media: The mystery of the rise of China's electric vehicles that crush Europe and America! On May 18, South Korean newspaper Segye Ilbo published an article stating that the recently held Shanghai Auto Show seemed to prove that China is the dominant force in the global electric vehicle market. This is because many Chinese companies are launching a large number of models with advanced technologies. The diversity of China's electric vehicles has surprised the world, ranging from expensive large SUVs to compact models that are cheaper than internal combustion engine cars. Where does the competitiveness of China's electric vehicle industry come from? The biggest factor is market size. Just 30 years ago, the main mode of transportation in major Chinese cities was still bicycles. However, with the advent of the private car era, the automobile market began to explode. In 2009, China became the largest automobile market in the world, and by 2024, China's auto sales exceeded 30 million units, surpassing the combined total of the United States and the European Union. The huge market is the foundation for the success of local manufacturers. Last year, global auto production reached 90 million units, of which China produced 30 million units. In addition to sales figures, China's production also exceeds the combined total of the United States and Europe (25 million units). Moreover, in 2023, China surpassed Japan and Germany to become the world's largest auto exporter. China has also implemented policies to focus on nurturing new electric vehicles rather than internal combustion engine vehicles, as the technological competitiveness of internal combustion engine vehicles lags far behind developed countries. Most importantly, China's strength comes from fierce competition. Although only a limited number of Chinese automotive brands are well-known overseas, there are actually around 100 manufacturers competing in the domestic market. Especially, many electric vehicle manufacturers enter the automotive market from other industries such as the battery industry (BYD) or information technology (Huawei, Xiaomi). This means that China is better at fostering the entrepreneurial spirit and technological integration compared to Europe or the United States. If steam locomotives and railways were symbols of Britain's hegemony in the 19th century, then Ford Motor Company was a hallmark of the United States' economic empire in the 20th century. Will BYD of China become a symbol of the global new capitalism in the 21st century? Initially engaged in the battery business, BYD later achieved great success in the electric vehicle sector and became China's largest automaker by 2023. Of course, the international political and economic environment of the 2020s is not easy for China's rise. This is because the United States advocates "decoupling" from China's economy. It cannot be guaranteed that China's early dominance in the electric vehicle field will continue. In the 1950s, the U.S. produced 80% of the world's cars, but today the global automotive industry is dominated by Toyota of Japan and Volkswagen of Germany. [Image: //p3-sign.toutiaoimg.com/tos-cn-i-ezhpy3drpa/d3a9be502d8a4320a77dec185e62ecf4~tplv-obj:1920:1080.image?_iz=97245&bid=15&from=post&gid=1832448854799360&lk3s=06827d14&x-expires=1755302400&x-signature=CI%2FvEZh0Gz6qOvsImpaS7ghJ5%2F8%3D] Original source: https://www.toutiao.com/article/1832448854799360/ Disclaimer: The article represents the views of the author.