The car industry is experiencing its most radical upheaval yet. The disruption is caused not just by the likes of Tesla—but by greater competition in China
Vehicles powered by internal combustion have been a great success story over the past century, bringing mobility to the masses and fat profits to shareholders. A handful of giant carmakers have made steady improvements to their products and assembled ever more complex supply chains spread across the globe. This has brought greater comfort and safety to passengers, as well as low prices. Competition from Japanese carmakers and South Korean firms spurred innovation worldwide.yet .
In America, where few Chinese cars roam the roads, tariffs on them are already forbidding. In addition, President Joe Biden’s Inflation Reduction Act uses incentives and subsidies to try to turn North America into anpowerhouse, encouraging locals to buy domestically made cars and components. Fears also swirl that sensor-packed Chinese cars might guzzle sensitive data.
In Europe, where Chinese carmakers are gaining a foothold and planning a big push, some domestic firms are calling for higher tariffs. Politicians want anRisks to privacy and national security both warrant vigilance against the misuse of data by carmakers. There is a risk, however, that these also become excuses for crude protectionism. That may preserve some domestic jobs, but only by harming a much larger number of drivers.
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