Wang Chuanfu, Chairman of BYD Co., China’s largest auto company, accused Western countries of harboring fears over Chinese electric vehicles (EVs). The 58-year-old billionaire highlighted concerns from European and US politicians regarding the growing presence of Chinese-made EVs in global markets.
“Foreign countries are ‘afraid’ of Chinese electric vehicles,” Wang declared, attributing this reaction to the strength and competitiveness of China’s burgeoning car industry. He emphasized that such apprehensions wouldn’t exist if China wasn’t a formidable player in the EV market. BYD, which ceased production of combustion engine cars in 2022, has rapidly ascended in the EV sector, selling 3 million electric and hybrid vehicles by 2023 and securing a position among the top global automakers.
The European Union’s impending tariffs on Chinese EVs, expected to be unveiled soon, follow an investigation into Beijing’s subsidies for electric vehicles. These tariffs are likely to impact the increasing number of Chinese EV imports into Europe, projected to grow significantly by 2027. In response, China has hinted at imposing 25% tariffs of its own, escalating trade tensions in the automotive sector.
BYD, known for aggressive pricing strategies in its home market, has sparked a price war aimed at traditional automakers like Toyota and Volkswagen. Wang underscored the inevitability of electric and hybrid vehicles surpassing conventional engines, asserting it as an unstoppable trend shaping the future of the automotive industry.
For more insights into the global dynamics of electric vehicle trade and BYD’s strategies, read the full article on Bloomberg.