The US, for all its "free market" pretensions, doesn't really do capitalism very well.
What people are now seeing in China, with the rise of more than a half-dozen EV companies in competition with each other, would be impossible in the US. We've got nascent protectionism, total non-enforcement of anti-trust laws (and a very slow and very cowed judiciary,) a complex+selective regulatory environment, and industrial policies that shift with the weather. American manufacturing firms like Tesla and US Steel no longer know how to compete on the merits. And big tech, like big pharma, is a game where small firms are inevitably bought before they can possibly threaten the entrenched major players.
What people are now seeing in China, with the rise of more than a half-dozen EV companies in competition with each other, would be impossible in the US. We've got nascent protectionism, total non-enforcement of anti-trust laws (and a very slow and very cowed judiciary,) a complex+selective regulatory environment, and industrial policies that shift with the weather. American manufacturing firms like Tesla and US Steel no longer know how to compete on the merits. And big tech, like big pharma, is a game where small firms are inevitably bought before they can possibly threaten the entrenched major players.