But that would be missing the one technology that is the key to maintaining political power, protecting jobs and manufacturing. It’s also crucial to dealing with climate change and emissions, mining and critical minerals, trade and foreign investment and attracts the biggest government subsidies in world history.
The chief executive of American electric car maker Tesla, Elon Musk, is pushing for such protections, warning that without trade barriers, Chinese automakers will “demolish” global rivals. Ford chief executive Jim Farley said he saw “the Chinese as the main competitor, not GM or Toyota,” while Stellantis chief executive Carlos Tavares called China’s massive production “an existential problem.”
“I think the Biden administration left this loophole because they wanted to address climate change quickly and cheaply and that meant a certain amount of Chinese content would be tolerated. But that is increasingly politically problematic.” China’s dominance of critical mineral supply chains has prompted allied nations like the US and Australia to pump billions of taxpayer funds into projects that can wean their nations off Chinese supply of rare earths and battery metals like graphite, cobalt and nickel.
King and the US under-secretary of defence for acquisition and sustainment, Bill LaPlante, met at the Pentagon last month to discussFor Australia, it’s not just China’s influence in EV production that matters, but the politics around climate change and reduced emissions.
The car sales industry in Australia employs more than 60,000 people, contributes over $18.6 billion to the national economy, has a total sales of $73.9 billion and generates more than $6.8 billion in tax revenue, according to the Australian Automotive Dealer Association.
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Source: FinancialReview - 🏆 2. / 90 Read more »