WR1 General Discussion, page-25623

What GM and Ford have been very slow to realise is they don’t own the future in the US car market.
Simply put China overall produces the best and cheapest EV’s in the world , and they also have great dominance in all the chain of supply from chemical processing (from lithium to rare earths), to AAM & CAM to cells to packs to the electric motors.
However they are restricted in many ways to access to the huge US market . The Korean EV and battery makers are well aware of this and they don’t have those same restrictions.So of course they will target the rich EV US market!
It’s growing at around 50% y on y, while total US auto market growth is expected to be <2%in 2024 and 10% of new car sales will now be an EV.
Meanwhile GM and Ford have been happy to sit back and thinking they’ll take 2nd and 3rd place - unfortunately it’s not their’s to take. Hyundai and Kia have seen an enormous opportunity and grabbed those spots and the $$$..
Seems now that GM is lifting its game. US has no lithium processing capacity whereas Koreans have 10% of worlds. And lithium capacity is pointless without the lithium concentrate
https://electrek.co/2024/02/09/hyundai-first-ev-plant-open-soon-7500-tax-credit/