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American automakers have largely ignored Chinese vehicles, as they’ve traditionally been viewed as knockoffs of existing models, but that attitude is shifting – hard. Following a recent trip to China, which involved driving locally-produced vehicles, Ford CEO Jim Farley shared his thoughts, expressing concern that Chinese automakers have progressed into an “existential threat.”

Regardless of how you feel about EVs and the tax credits offered by the federal government, the truth is that people are using the incentives. Since January 1, EV buyers have seen more than $1 billion in savings on their purchases, with around 150,000 new and used vehicle sales so far this year.