Several countries are rapidly developing their burgeoning electric vehicle EV industries to meet the growing demand for EVs and compete with China when it comes to manufacturing. Asia has come out on top in recent years for producing the cheapest EVs and batteries, even though some of the highest EV demand in the coming years is expected to come from Europe and North America. With the U.S.
” This is key as the Biden administration recently introduced new restrictions on tax credits for foreign-produced EVs and EV components, which will make it more expensive for consumers to purchase Chinese EVs and EVs using Chinese batteries. In addition to American companies looking to alternative Asian markets, China itself is looking to expand its EV operations to other parts of Asia.