Alice Han

So I think maybe one of the winners beyond China geopolitically is Chinese EVs.

What's your take on that?

I've actually driven both a Tesla and a BYD.

They're both great cars, but I think at least from a standpoint of being a passenger, I think BYD was a better experience.

They just have thought of a lot of the internals, the look of the car, and it feels very good.

Even the operating systems within the car dashboard are pretty intuitive.

I've actually been very, very impressed.

And for that price point, I just think that it's a no-brainer for a lot of people if they're just purely thinking about cost per use as well as energy efficiency.

BYD is a no-brainer.

But when you were talking, James, I was thinking that it actually is really significant that a company like BYD

in February of this year, finally saw its overseas sales, its exports exceed its domestic sales.

That is, I think, a very critical turning point for a Chinese automaker.

We're at a point now where it can export more to the rest of the world.

then it can be consumed domestically.

So just for the numbers, around 100,000 units were sold abroad in February versus about 90,000 sold in China.

And overseas sales in January to February jumped 50% year on year.

That suggests to me that there is going to be legs in terms of an external overseas market for BYD.

And remember, they're building plants all over the place in Hungary and Latin America and Southeast Asia to obviously avoid some of these tariff concerns, but also some of these industrial policies in countries that they're selling into.

If they can build local manufacturing, that helps, I think, reduce some of the trade backlash against a Chinese EV maker like BYD.

But your point, James, about the batteries, that's going to be crucial.