China Develops Deep-Sea Cable Cutting Device, Raising Security Concerns

Wang Chuanfu, founder and CEO of BYD, stated that Chinese electric vehicles (EVs) are three to five years ahead of foreign competitors during an interview with state broadcaster CCTV. This announcement followed a high-profile meeting with President Xi Jinping aimed at bolstering China's tech sector. BYD has emerged as a major player in the global EV market, rivaling Tesla and becoming China’s top car seller.
Chinese-made electric vehicles are witnessing significant growth in international markets due to their competitive pricing and innovative technology, particularly in regions such as Mexico, Malaysia, and Thailand. According to Wang, the company's success stems from the hard work of its 110,000 engineers. Industry analysts, including Paul Gong from UBS, have noted BYD's rapid technological advancement, which has caught the attention of global competitors.
China's initial investments in the EV sector have drawn criticism from foreign governments, leading to tariffs aimed at curbing alleged price dumping. In response, Chinese manufacturers assert that their competitive pricing results from innovation rather than state subsidies.