Wang Chuanfu, Chairman of BYD Co., China’s largest auto company, declared that foreign nations are apprehensive about Chinese electric vehicles (EVs). He criticized European and US policies aimed at restricting imports of China-manufactured cars, framing them as reactions to China’s burgeoning dominance in the EV sector.
“The reaction from politicians in other countries demonstrates their fear of Chinese EVs,” Wang stated, emphasizing that such apprehension underscores the strength of China’s automotive industry. He emphasized, “If you are not strong enough, they will not be afraid of you.”
Recent developments indicate escalating trade tensions, with the European Union poised to announce tariffs targeting Chinese EVs following investigations into Beijing’s EV subsidies. China has hinted at retaliatory tariffs, complicating trade dynamics between the regions.
Chinese brands like MG Motors and BYD accounted for nearly 9% of battery-electric vehicle sales in Europe last year, a figure projected to rise to 20% by 2027 according to Transport & Environment. BYD, known for halting combustion engine car production in favor of EVs, solidified its position in the global auto market by producing and selling 3 million electric and hybrid vehicles last year.
Wang urged the industry to embrace competition amid a transition to electric mobility, highlighting BYD’s aggressive pricing strategy that undercuts traditional automakers. He underscored the inevitability of electric and hybrid vehicles surpassing internal combustion engines, describing it as an unstoppable trend.
For further insights into the impact of Chinese EVs on global markets, visit Bloomberg https://www.bloomberg.com/news/articles/2024-06-07/europe-us-fearful-of-chinese-electric-cars-says-byd-founder?srnd=energy
