BYD (Chinese, but it stands for "Build Your Dreams," no kidding) is now building 200,000 EVs and PHEV (plug in hybrids) per month, which is more EVs than all US manufacturers other than Tesla combined, and all Japanese manufacturers combined.
US auto sales are down 21% year over year. But Tesla is up 169%. That tells you all you need to know about the collapse of the internal combustion engine and the exploding demand for electric cars.
Vinfast (Vietnamese auto startup), BYD, and Hyundai group (includes Kia) are planning projects to build factories in the US to take advantage of the tax credit for EVs built in North America. I'm not aware of any new projects to build internal combustion engine (ICE) cars in North America. And Hyundai group, the Chinese, and even GM and Ford, have all but stopped R&D on ICE power trains, and will probably never build a new passenger car engine design. The technology is rapidly becoming obsolete, full stop. There will be niche markets, of course, but for standard transportation, ICE is disappearing. Electric motor technology is already mature and very efficient... the technology race is for cheap batteries that don't use especially rare or toxic materials, and there are several very promising new developments in this area.
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