It was Japan.Beautifully designed, fuel-efficient, high-performance machines with an air of luxury, the Japanese auto invasion sent the US manufacturers on a mission, not so much to improve, but to seek protection and, eventually, bailouts.Clearly, it didn't work.And now, it faces an existential threat.As far back as 2001, as part of its 10th five-year plan, Beijing decided to pursue the development of electric vehicles.For years, it had encouraged foreign manufacturers to set up operations in China, building conventional internal combustion engine vehicles, but decided it needed an edge, something new to compete on the global market.It was also keen to cut back on pollution, which was becoming a social and political issue, and to simultaneously reduce demand for oil, which had to be transported from the Middle East through potentially hostile waters.China now has a near stranglehold on EV production When it came to its minerals and refining domination, it invested in research, discovering new processing methods that gave its companies access to cheaper forms of production.And despite government investment, it hasn't been afraid to let private entities go under.About 30 EV manufacturers have hit the wall since 2018, and some estimate that about 400 manufacturers have exited the industry in the past two decades.The US and the West may still have control of global finance