Chinese EV Makers Are Outpacing Tesla in One Key Area

Electric car companies in China have been developing new products and technology at a higher rate than US automakers, according to a recent report from the Information Technology & Innovation Foundation. The Washington DC-based think tank found that Chinese EV companies are 30% faster when it comes to developing and releasing new car models than automakers in other regions, including Tesla.ITIF said Chinese companies, on average, only take about 1.3 years before they update or refresh their EV models, while brands from other countries, including the US, take an average of 4.2 years.