(ZEROHEDGE) – It's bad enough the U.S. relies on China's productivity for...well, just about everything...but now it appears we've also missed the fact that China is reportedly taking over the global automotive industry with their vehicles.
That is, at least according to a new report by Bloomberg, who notes that China is on the verge of becoming the No. 2 exporter of passenger vehicles worldwide, passing both the U.S. and South Korea.
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Overseas shipments of vehicles manufactured in China were up 3x since 2020 to 2.5 million vehicles last year according to China Passenger Car Association data. In the Middle East and Latin America, Chinese brands have become "market leaders", Bloomberg writes.
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