Wang Chuanfu, founder of BYD, criticised the protectionist stance of the United States and European Union (EU) governments towards the importation of Chinese electric vehicles (EVs), stating they are “afraid” of the automotive industry of the Asian giant.
“There are many examples of politicians in other countries being concerned about Chinese EVs,” Wang commented during a conference on the sector held in Chongqing.
The executive believes that the reaction of Western countries is a testament to the strength of China’s automotive industry.
“If you are not strong enough, they will not fear you,” he indicated.
The tariffs that the EU plans to approve – after the elections – on the importation of electric vehicles from China could cost Beijing nearly four billion dollars (over 3.6 billion euros) in trade exchanges with the bloc.
As a result, the number of Chinese EVs imported to the EU would decrease by a quarter – about 125,000 units – if Brussels were to impose a 20 per cent tariff, according to data provided in the latest analysis on the global economy by the Kiel Institute.
At the moment, China has not officially announced any retaliation, although Beijing has indicated it is willing to impose tariffs of up to 25 per cent on imported cars with large-displacement engines, which would mainly affect Mercedes-Benz and BMW.
It is worth mentioning that electric vehicles manufactured by Chinese brands such as MG and BYD accounted for just under nine percent of battery vehicles sold in Europe in 2023, according to Dataforce.
Although this figure is expected to increase to approximately one-fifth of the market share in the old continent by 2027, according to Transport & Environment’s estimates.
BYD sold over three million electric and hybrid vehicles last year, making it one of the top ten best-selling brands in the world, according to its latest figures released by the group, now focused on reducing the manufacturing cost of its vehicles and plug-in hybrids to accelerate competition with traditional sector players.
“This is a dominant and unstoppable trend,” said the founder on this matter.
