In the last ten centuries, China has recorded the world’s largest economy at least 7 times. Before the effervescence of the United Kingdon and subsequent ascension of the United States in late 1890s as the global economic leader, China and India ran the show.
The trajectory seems to be on course again for China. In the latest ranking of Fortune Global 500, Greater China, including Taiwan, recorded 142 companies to United States’ 136. No other country broke 45 companies. Simply, the world economic race is largely between America and China.
Looking deeper, one can see a huge re-positioning by China even in the elective vehicle space: “In a seismic shift within the electric vehicle (EV) industry, China’s BYD Co. is on the cusp of overtaking Tesla Inc. as the global leader in fully electric vehicle sales, signifying a monumental turning point in the automotive industry. This anticipated milestone, expected in the current quarter, not only symbolizes a shift in the market but also underscores China’s escalating influence in the global automotive sector, according to an analysis by Bloomberg.”
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To many people in the developing world, China is likely going to be the provider of their future vehicles because China has better comparative advantages over Japan, Korea, and the United States, when it comes to making electric vehicles. Yes, the competitor that Elon Musk has to worry about may not be Detroit car makers but a Chinese brand. As that happens at a very fast pace, Nigeria has to watch those oil wells, and how far they could be continue to power their transient relevance, because a global shift is just around the corner.
China’s BYD Steers Ahead of Tesla in Global Electric Vehicle Sales
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