Already a subscriber?It’s no surprise Joe Biden and Donald Trump are trying to outdo one another on blocking Chinese electric vehicles coming into the US. This counts as an electoral safety belt in key swing manufacturing states that both US presidential candidates need to win in November.
It’s more the prospect of new European tariffs likely to do immeasurable damage to Chinese EV expansion into Western countries, even if any new tariffs there will be much more modest in size.The current European Union tariff on Chinese EV imports is 10 per cent. An anti-subsidy review of the EV market ordered by the European Commission is due in July and expected to recommend higher tariffs. How much higher is still not certain.
According to the International Energy Agency, 59 per cent of the 13.8 million EVs sold last year were sold in China, where EVs made up 38 per cent of the country’s domestic car sales.More than two-thirds of those were made in China by Chinese manufacturers, with the rest produced by joint ventures in China with car manufacturers like Tesla as well as the diminishing percentage of other mostly European imports.
Even China’s excess manufacturing capacity that forces down prices globally offers Beijing the benefit of discouraging other companies facing more immediate commercial pressures from trying to catch up and compete.That helps explain why Chinese companies also dominate global supply of EV batteries with lower cost and increasingly higher-quality supplies – as well as the ability to maintain control of much of the processing of the minerals that go into them.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »
Source: abcnews - 🏆 5. / 83 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »