Yep. Your average SV engineer might be able to afford a Tesla and still have plenty room to spare in their budget, but your average EU-based engineer doing the same job is never going to get anywhere close.
Imagine if you are building cars worth $20000 for $5000 and undercut western companies. Your car is worth $20000 so instead of undercutting you can just sell it for $20000 and take $15000 profit which then leads to more demand for employees which then leads to increased incomes once unemployment is down.