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00:00Speaking of volatility, alarm bells, they seem to be ringing in Europe at the moment.
00:04BYD, the Chinese EV firm, has overtaken Tesla in Europe for the first time.
00:10What do you make of that?
00:13Competition exists amongst electric vehicles.
00:17I'm sure Elon Musk is watching this.
00:19It's a price point issue as well.
00:21The Chinese have an advantage in producing batteries.
00:25One of their companies just went public on Hong Kong and had a huge market cap.
00:28Batteries are essential.
00:30It's a massive component of EV.
00:33And the Chinese government at any time, if they wish, can subsidize to gain market share, which they do.
00:38And that's one of the complaints that various markets have, including Europe, the dumping of product at lower prices.
00:45And those are issues that should have been resolved in the World Trade Organization starting back in 2000 when China joined.
00:52And it's one of the big issues that is being debated in the US and in Europe about China.
00:57They don't comply with the World Trade Organization.
01:01So whether this market share gain is because of dumping or whether it's because the product is superior or a combination of both, you don't really know right now.
01:09But I'm sure Tesla will be competitive.
01:11But the game is on because it's not just electric cars.
01:16It's autonomous driving that's at stake here.
01:19And that's why people are concerned about theft, IP theft in China.