When Joe Biden was a US presidential candidate in 2019, he tweeted, “Trump doesn’t get the basics. He thinks his tariffs are being paid by China. Any freshman econ student could tell you that the American people are paying his tariffs.”
By imposing tariffs early, the Biden administration hopes to prevent the US market from becoming saturated with low-priced Chinese EVs, which could undercut domestic manufacturers and stifle innovation. Instead, the tariffs have the potential to ensure a stable and secure supply of components through domestic manufacturing and could mitigate theand geopolitical tensions.
“As a reminder, production of the Polestar 3 is expected to begin in South Carolina this summer, with Polestar 4 being produced in South Korea,” Citi analystsin a note on Wednesday. “Polestar is also looking at adding European manufacturing for future vehicles.” Nonetheless, on Thursday, Citi analyst Itay Michaeli lowered the firm’s price target on Polestar shares from $2.50 to $1.70 per share while maintaining a Neutral rating.
There are some other US-market EVs that contain Chinese batteries, like the Ford Mustang Mach-E and the all-wheel-drive variant of the Toyota bZ4X. However, vehicles assembled in Mexico and Japan aren’t subjected to the tariffs. If a Chinese battery pack is already in a car when it arrives in the US, it’s not taxed independently of that vehicle. It’s likely Ford and Toyota will pull out that trump card.
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