BYD Americas CEO: The US is becoming a ‘very protectionist market’
BYD, the Chinese electric vehicle giant backed by Warren Buffett’s Berkshire Hathaway, has global ambitions—expanding its presence in countries like Japan, ThailandAnd Mexico to sell its ultra-affordable electric vehicles worldwide. But there is one market that is clearly absent: America
The US electric vehicle market is in a “very confusing phase” due to slowing consumer adoption, BYD Americas CEO Stella Li the second said. “Electric vehicle penetration in the US has actually dropped,” she explains.
Speaking at the Milken Institute Global Conference this year one session Moderated by luck Diane Brady, Li reiterated that the Chinese electric vehicle giant No plans to sell in the US, follow similar comments was carried out in February.
Washington is trying to move China out of the electric vehicle supply chain, with recent legislation denying tax incentives to vehicles using Chinese components such as batteries. On Monday, Li said that geopolitics was having a “big impact” on BYD. “The US is becoming a very protectionist market,” she said.
In March, President Joe Biden warned that Chinese cars could Present a national security risk, as software in the car can collect data about the surrounding environment and transmit that data back to Beijing.
Meanwhile, former President Donald Trump has threatened to slap tax rate up to 100% on importing Chinese vehicles if he is elected in November. The Trump administration previously increased tariffs on imported cars from China to 27.5%.
On Monday, Ly express hope that “everything will return to normal” after the US election in November, when people become “more resilient, thinking about what the future solution is here”.
“Ugly”
It’s not just Chinese automakers that are attracting attention.
Last year, members of Congress be censured a planned joint venture between Ford and Chinese battery giant CATL in Michigan, with allegations it could see US government money flow to a Chinese company.
Congress also consider the law that would prevent Chinese biotech companies from partnering with federally funded medical providers.
Officials also considered relevant about the use of Chinese cranes at US ports, concerns that such machines could send data back to China. In February, the Biden administration promised to spend $20 billion on port infrastructure, including domestic crane production.
On Monday, Ly complain that it is “unfair” that Chinese companies are automatically considered to be working closely with the Chinese government.
The BYD CEO pointed to the current controversy over TikTok, owned by Chinese tech company ByteDance. In April, the Biden administration signed a law ordered ByteDance to sell TikTok within nine months at the risk of being banned. TikTok This week sued the US to block the banset up a first amendment war.
Li questioned why TikTok requires such scrutiny. “Even President Biden uses TikTok, so why do they have to ban it [it]?”
BYD’s global expansion
BYD, which sells both battery electric vehicles and plug-in hybrid vehicles, is hitherto the largest seller of “new energy vehicles” in China. The company is now targeting overseas markets in an aggressive expansion campaign. BYD is building a production facility in Hungary, Thailand, IndonesiaAnd Brazil.
Cheap Chinese electric vehicles from companies like BYD are currently causing a backlash. Last October, the European Union launched an anti-subsidy investigation into Chinese-made electric vehicles, including these vehicles. Made by BYD. The probe may result Tariffs on importing Chinese cars
For its part, BYD argues that the low price is due to “management efficiency” and invest in technology.
On Monday, Ly propose that the United States should embrace China’s “leading” electric vehicle supply chain. “They will bring the best technology to the country,” she continued.
US officials are learning that they cannot completely exclude China from the electric vehicle supply chain. Last week, the US agreed to allow automakers to use Chinese graphite, a key battery material. still qualify for tax credits.
