Green energy runs through red China.
Wall Street Journal (7/10/23) reports: "BEIJING—Sales of homegrown passenger-car brands in China are consistently eclipsing those of their Western rivals, signaling the growing influence of the country’s electric-vehicle makers—and a triumph for Beijing’s industrial policy. Local brands captured 54% of China’s wholesale car market in the first six months of 2023, from 48% a year earlier, the China Passenger Car Association said Monday. That is the second consecutive time local brands have surpassed foreign ones on a half-year basis, according to Cui Dongshu, the industry body’s secretary-general. Wholesale figures include vehicle exports. Western carmakers have dominated China since they were first allowed to set up joint ventures with local partners decades ago. Some made a fortune as the country sped past the U.S. to become the world’s biggest auto market. But as homegrown brands solidify the trend of outselling foreign rivals, the era of Western dominance is over. China’s auto revolution is being driven by its commanding lead in battery powered and plug-in hybrid cars—the only types of vehicle for which demand has been consistently growing. Led by BYD, nine local manufacturers were among China’s 10 bestselling electric-vehicle makers in June, according to CPCA data. Tesla was the only foreign carmaker on the list."
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"The threat of brownouts and blackouts squashes the idea that solar and wind power can replace fossil fuels fully anytime soon, if ever. Coal continues to play a vital role in many states and communities, providing energy security and ramping up supply during periods of surging demand."
– William Shughart II,
The Indpendent Institute
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