Why China is beating the U.S. in electric vehicles

China wants to dominate the global electric vehicle market. The country has invested at least $60 billion to support the EV industry and it's pushing a plan to transition to all electric or hybrid cars by 2035. According to EV Volumes, China sold roughly one million more EVs than the U.S. in 2020. But there are signs that the 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.