17 December

Alan Kohler pointed out last week that the biggest story of the year was one nobody covered. China became the world’s biggest exporter of cars, in March. It was already the world’s biggest producer of cars - it has such a huge domestic market - but now it’s also the greatest exporter. Like Haval, seeing a lot of these now here. China has learned extremely fast, as the Koreans did with Hyundai and KIA. They’re producing superb quality cars, much cheaper than Europeans and Americans can. China is also investing hugely in EVs, so will own this space unless Western carmakers pull their fingers out. I don’t think many will. They can kiss their cosy market positions and even existence goodbye.