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I don't buy that this is going to happen any time soon. There's almost zero overlap between the products GM and Ford sell and the products a Chinese company like BYD sells, even accounting for the fact that the Americans are mostly ICE cars. GM and Ford no longer sell regular sedans in the US because all their customers want is large trucks and SUVs. BYD's products aren't merely sedans, but small sedans and hatchbacks. Every time someone sounds the alarm bells about some foreign company that's making cars incredibly cheaply forgets that Americans don't want cheap cars, they want some semblance of luxury. There was a period in the 1980s when Japanese manufacturers made huge inroads into the American market, but there were two factors involved that don't apply here. First, there were oil shocks the likes of which hadn't been seen before, and the Japanese offered fuel-efficient products that the Americans weren't producing. These days, efficiency gains have made it so the marginal advantage of having a more efficient car is lowered, and we're more used to occasional price spikes, so that isn't really in play. Maybe there's a chance for a huge spike that would be a shock, but I wouldn't bet on the Chinese until something like that actually happens. And even then, there are still plenty of efficient Japanese and Korean cars on the market that already have that segment cornered.
The second factor is that, by the 1980s, Japanese manufacturers were making vehicles of much higher quality and reliability than American manufacturers. The Americans are much more competitive on that front now (though still not at the top), and the best I've heard about Chines brands is that they're approaching the American brands in quality, so not exactly a ringing endorsement. Aside from that, you can sell a subcompact for $10,000 but that doesn't mean anyone is going to want to buy it. This is a country where poor people buy SUVs. When I was a kid, it seemed like every working-class dad had a compact "getting around town" car with a standard transmission and no options, but it seems that most of these guys drive decked-out pickup trucks now. I used to have a Saturn. It was a great car, but even in the 2000s, no one wanted a great car as boring as a Saturn. Scion tried the same thing and failed.
The reason Tesla succeeded where EV manufacturers had failed for so many years is that they understood that marketing a vehicle based on efficiency wasn't going to cut it. So they played up the EV's performance advantages and marketed it as a sports car, and then as a luxury car, and now they're slowly making the transition to mass-market vehicles, though they're still a status symbol. The Chinese can't compete in this market because it would mean making an entire line of America-centric products that would be too big a gamble.
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