Everyone thinks they know why Chinese electric vehicles are so cheap, and almost everyone is wrong.
Western carmakers’ share of China’s EV market fell to just over a third last year from two-thirds in 2020, according to a study by New York-based independent research firm Rhodium Group. During this period, Chinese original equipment manufacturers were able to bring down prices drastically.
Take rival sedans BYD Seal and the Tesla Model 3. Between 2022 and 2025, BYD Seal’s sticker…

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