Wok’s going on? West’s Failure to develop affordable EVs boosts Chinese stocks

The stock performance of Chinese EV companies, such as market-leader BYD, is booming, with BYD’s shares up 30% this year. Meanwhile, Western automakers are struggling, with, for example, Ford’s stock dropping 10% and Volkswagen’s shares down 38%. The contrast between Chinese EV companies and Western car makers is growing, primarily due to the inability of U.S. and European companies to manufacture affordable electric vehicles.