BYD, the Chinese EV giant backed by Warren Buffett's Berkshire Hathaway, has global ambitions and is expanding its presence in countries including: Japan, Thailandand Mexico Sell ultra-affordable EVs around the world. But there's one market he's clearly missing. It's the United States.
The U.S. EV market is in a „very turbulent stage“ due to slowing consumer adoption, BYD Americas CEO Stella Lee said. said on monday. “EV penetration in the U.S. has actually declined,” she explained.
Speech at Milken Institute Global Conference session will serve as moderator Fortune's Diane Brady and Li said the Chinese EV giant: The company says it has no plans to sell it in the United States. Similar comments I made it in February.
The U.S. government is trying to exclude China from the EV supply chain, with recent legislation denying tax credits to cars that use Chinese-made parts such as batteries. Lee said Monday that geopolitics is having a „huge impact“ on BYD. „The United States is becoming a very protective market,“ she says.
President Joe Biden warned in March that Chinese cars could: the current The car's software could collect data about the surrounding environment and send it to Beijing, posing a national security risk.
Meanwhile, former President Donald Trump threatened to slap him. Up to 100% customs duty If elected in November, he plans to introduce a bill regarding Chinese car imports. The Trump administration previously raised tariffs on Chinese car imports to 27.5%.
On Monday, Mr. Lee expressed hope After November's presidential election, people will „think more seriously about what the future solutions are“ and „everything will go back to normal,“ he said.
„It's not fair“
It's not just Chinese automakers that are attracting attention.
Last year, members of Congress criticized A joint venture between Ford and Chinese battery giant CATL in Michigan could result in U.S. government money flowing to the Chinese company, a lawsuit claims.
Congress too Considering legislation It would prevent Chinese biotech companies from working with health care providers that receive federal funding.
Those involved also reportedly concerned about They question the use of Chinese-made cranes in U.S. ports and worry that such machines could send data back to China. In February, the Biden administration committed to spending $20 billion on port infrastructure, including domestic crane production.
On Monday, Mr. Lee complained He said it was „unfair“ that Chinese companies were automatically seen as cooperating with the Chinese government.
BYD executives pointed to the current controversy surrounding TikTok, which is owned by Chinese tech company ByteDance. Biden administration takes office in April signed into law It orders ByteDance to sell TikTok within nine months after receiving the threat of a ban.tick tock This week, it sued the U.S. to block the ban.setting up a First Amendment battle.
Lee questioned why TikTok would require such scrutiny. „Even President Biden uses TikTok, so why ban it?“
BYD's global expansion
BYD sells both battery electric vehicles and plug-in hybrid vehicles. much more The largest sales company of „new energy vehicles“ in China. The company is currently targeting overseas markets with an aggressive expansion campaign. BYD is building a manufacturing facility Hungary, Thailand, Indonesiaand Brazil.
Cheap Chinese EVs such as BYD are currently causing a backlash. Last October, the European Union launched an anti-subsidy investigation into Chinese-made EVs. Made by BYD. This investigation may result in: customs duty About importing Chinese cars.
BYD, on the other hand, claims that the reason for its low price is:Management efficiency” and investments in technology.
On Monday, Mr. Lee was suggested He argued that the US should embrace China's „leading“ EV supply chain. “They will bring the best technology to this country,” she continued.
U.S. authorities are learning that they cannot completely exclude China from the EV supply chain. Last week, the United States agreed to allow automakers to use Chinese graphite, a key material in batteries. still eligible For tax credits.