The global electric vehicle market is heating up, and China wants to dominate. It has invested at least $60 billion to support the EV industry and it's pushing an ambitious plan to transition to all-electric or hybrid cars by 2035.
Tesla entered the Chinese market in 2019 and has seen rapid growth.
China sold roughly 1 million more EVs than the U.S. in 2020, according to EV Volumes. But there are signs that U.S. is getting more serious about going electric. President Joe Biden announced a goal to reach net-zero emissions by 2050 and investments in green infrastructure. General Motors announced plans to exclusively offer electric vehicles by 2035.
Watch the video to find out how China came to dominate the market and whether it's too late for the U.S. to catch up.