They haven't been sleep at the wheel. The incentives are not...

They haven't been sleep at the wheel.

The incentives are not aligned.

The Western corporate sector focus on short-term profitability with quarterly reporting. Investing in an EV industry require over a decade to build up supply chain at tremendous cost to short term profit. It is illogical for CEOs to plan that long, companies don't issue options with 10 year+ vesting.

China's state capitalism allow them to plan 20 years ahead. And indeed it took them 20 years to build up the supply chain for EVs and now it is paying off.