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US Treasury Secretary Yellen's Mission to Address Threat of Cheap China Exports Puts Pressure on Solar Panel and Electric Car Makers

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US Treasury Secretary Janet Yellen's visit to China is expected to increase pressure on Chinese makers of solar panels, electric cars, and batteries due to domestic price competition and overcapacity. Yellen has criticized China's industrial policies and state subsidies, which she believes distort global markets. Her discussions during her second China trip in nine months may provide insights for equity investors in these sectors.

US Treasury Secretary Janet Yellen’s mission to address the threat of cheap China exports is set to increase pressure on the nation’s makers of solar panels, electric cars and batteries.

China’s dominance with over 90% of the global solar cell production will continue to threaten plans for new US factories even with incentives offered by President Joe Biden’s signature Inflation Reduction Act, a BNEF report warned last month. Exports to North America more than tripled to 7 687 in the first two months of the year, according to Chinese customs data compiled by Bloomberg. Still, that’s just a fraction of the almost 250 000 vehicles shipped globally. The Biden administration has offered tax credits for US-made EVs.

“Anti-dumping on batteries seems pretty far-fetched at the moment as there’s still a shortage of LFP batteries in Europe,” said Johnson Wan, head of auto research at Jefferies, referring to lithium iron phosphate batteries, which are cheaper than other widely used power packs.

 

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Yellen in China to press officials on tech industry subsidiesUS Treasury Secretary Janet Yellen arrived in China's Guangzhou on Thursday for meetings to press Beijing over fears the country's industrial subsidies for green energy, cars and batteries could flood global markets with cheap goods.
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Yellen to urge China to address overcapacity issuesA surge in cheap exports from China in industries like electric vehicles could bring 'global spillovers,' US Treasury Secretary Janet Yellen is due to warn in a speech on Wednesday. 'Now, we see excess capacity building in 'new' industries like solar, EVs, and lithium-ion batteries,' Yellen is due to say.
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