Raphael Nam

Yes, indeed. It would make them more competitive both in China and outside of China. And it's important because I think for people in the U.S., it's kind of hard to see the threat posed by Chinese automakers like BYD because the U.S. has managed to prevent them from coming in with big tariffs and other restrictions.

But in Europe, where I'm from, you can really see how successfully Chinese companies have pivoted. to producing EVs, the future of the car industry I was telling you about. You can see it literally from the time you land at an airport, where you can see their ads everywhere. And of course, you're seeing more and more of their EVs on the roads.

But in Europe, where I'm from, you can really see how successfully Chinese companies have pivoted. to producing EVs, the future of the car industry I was telling you about. You can see it literally from the time you land at an airport, where you can see their ads everywhere. And of course, you're seeing more and more of their EVs on the roads.

But in Europe, where I'm from, you can really see how successfully Chinese companies have pivoted. to producing EVs, the future of the car industry I was telling you about. You can see it literally from the time you land at an airport, where you can see their ads everywhere. And of course, you're seeing more and more of their EVs on the roads.

They are not only selling these EVs cheaper, their quality has improved dramatically. And they're also hyper-focused on software, which is becoming critical for cars.

They are not only selling these EVs cheaper, their quality has improved dramatically. And they're also hyper-focused on software, which is becoming critical for cars.

They are not only selling these EVs cheaper, their quality has improved dramatically. And they're also hyper-focused on software, which is becoming critical for cars.

Yes, except now it's the Japanese automakers that are playing defense. But it's not just Japan. Just like the 80s, companies in the U.S. and Europe now see Chinese rivals as existential threats. Here's how Sam Abuel-Samid, an auto analyst based in Detroit, put it to me.

Yes, except now it's the Japanese automakers that are playing defense. But it's not just Japan. Just like the 80s, companies in the U.S. and Europe now see Chinese rivals as existential threats. Here's how Sam Abuel-Samid, an auto analyst based in Detroit, put it to me.

Yes, except now it's the Japanese automakers that are playing defense. But it's not just Japan. Just like the 80s, companies in the U.S. and Europe now see Chinese rivals as existential threats. Here's how Sam Abuel-Samid, an auto analyst based in Detroit, put it to me.

So the name of the game could be size. Get bigger or get left behind. It's why analysts believe we could see more deals happening over the next few years. It may be the best way to tackle these two seismic changes taking place, the pivot to electrification and the emergence of China.

So the name of the game could be size. Get bigger or get left behind. It's why analysts believe we could see more deals happening over the next few years. It may be the best way to tackle these two seismic changes taking place, the pivot to electrification and the emergence of China.

So the name of the game could be size. Get bigger or get left behind. It's why analysts believe we could see more deals happening over the next few years. It may be the best way to tackle these two seismic changes taking place, the pivot to electrification and the emergence of China.

Thank you, Sarah.

Thank you, Sarah.

Thank you, Sarah.

Good question. A lot of people don't get bonds, but it's actually pretty simple.

Good question. A lot of people don't get bonds, but it's actually pretty simple.

Good question. A lot of people don't get bonds, but it's actually pretty simple.

The way it works is that the government sells bonds to investors We're talking banks, other countries, individual people Think of it as a loan The government needs to borrow money to function And to afford all of its spending These investors are the bank And they're lending their money to Uncle Sam Then Uncle Sam promises to pay back these investors with interest And when bond investors get spooked They demand more interest from the government And that's exactly what's happening now