All articles tagged with #chinese electric vehicles
The Chinese electric vehicle industry is experiencing a brutal price war driven by overcapacity and intense competition, leading to numerous bankruptcies like Ji Yue and squeezing profit margins, while the government attempts measures to curb destructive practices and stabilize the market, though experts believe significant consolidation and reform are necessary for long-term stability.
Elon Musk criticized US tariffs on Chinese electric vehicles, calling them market distortions. Despite previously supporting trade barriers, Musk now advocates for no tariffs, stating Tesla competes well in China without them. The Biden administration recently increased tariffs on Chinese goods, including EVs, to support US manufacturing. Experts suggest these tariffs could slow EV market growth and provoke Chinese retaliatory measures.
Tesla CEO Elon Musk has voiced opposition to the recent US tariffs on Chinese electric vehicles, despite previously warning that Chinese car makers could dominate without trade barriers. President Joe Biden's administration recently increased tariffs to protect US jobs and counter unfair trade practices by China, which has vowed retaliatory measures.
U.S. Senator Sherrod Brown has urged President Biden to ban Chinese-made electric vehicles, citing economic and national security risks and the threat they pose to the American auto industry. Brown argues that Chinese government subsidies for automakers could harm American workers and give China access to sensitive personal data. He emphasizes the need to take bold action to safeguard American jobs and innovation, and to prevent Chinese EVs from entering the U.S. market.
President Biden has initiated a Commerce Department investigation into the potential security threats posed by internet-connected Chinese electric vehicles, citing concerns that their operating systems could transmit sensitive information to Beijing. This move is part of a broader effort to prevent the influx of low-cost Chinese electric vehicles into the American market, which could potentially impact domestic automakers. The investigation follows discussions with Detroit automakers, union autoworkers, and Tesla, and reflects the administration's aim to support American automakers in the electric vehicle market.
Chinese automakers are gaining traction in Europe's electric vehicle (EV) market, challenging established European brands. The affordability, features, and stylish design of Chinese EVs are appealing to climate-conscious car buyers in Europe, despite concerns about the threat to local carmakers and jobs. Chinese EV makers are drawn to Europe due to lower import tariffs and the continent's second-largest EV battery market. The surge in Chinese EV sales is stoking fears about Europe's automotive industry staying competitive as it transitions to electric vehicles. The European Union has launched an investigation into Beijing's support for its EV industry, which could result in import duties. European automakers are vowing to fight back against the "Chinese invasion" with new EV models.