Chinese consumers who once preferred Western brands now feel Chinese brands are a better value. As recently as five years ago, they had only 38% of the Chinese market, with foreign brands capturing the rest. BYD electric cars for export at a port in Yantai in eastern China's Shandong province on April 18. Russo said it would be another huge mistake for Western automakers to abandon China just because they’re not competitive now. And they will have to learn how to compete with Chinese automakers and their affordable EVs in the future, he said.

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