Chinese electric vehicle maker BYD is on pace to surpass Honda and Ford in global annual sales for 2024, according to a new forecast.

The projection displays the scale of the struggle the United States faces in competing with China in the electric vehicle market. Both President Joe Biden and President-elect Donald Trump have attempted to hinder China’s market by imposing high tariffs on their EVs to help spur domestic EV manufacturing.

The project, Reuters reported Monday, shows that BYD will reach its 4 million vehicle sales target by the end of the year. The automaker’s competitive models, such as its plug-in hybrid technology, have helped boost sales.

In the third quarter, BYD net profit rose to 11.5% with the help of government trade-in incentives. The number of subsidized car trade-ins totaled more than 4 million as of Nov. 18, according to Reuters.

Just last month, BYD surpassed its electric vehicle rival, Tesla, in sales, with passenger vehicle sales up 67.2% year-on-year to 504,003 units.

Trump has vowed in his next term to extend high tariffs on Mexico and Canada, in addition to China, to block Chinese vehicles from being manufactured in North America and then entering the U.S.

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Through the Biden administration’s Inflation Reduction Act, the U.S. has provided incentives to help boost electric vehicle sales and compete against China. Trump has vowed to repeal those incentives. Tesla founder and key Trump ally Elon Musk has also called for eliminating EV tax credits.

“Take away the subsidies,” Musk said earlier this year. “It will only help Tesla. Also, remove subsidies from all industries!”