Etiqueta: EU

BRAND HEALTH CHECK: After outpacing Tesla in revenue and smashing sales records in 2024, China's EV powerhouse faces its biggest challenge yet. With the EU slamming on 45% tariffs and the U.S. market locked down, can BYD jump-start its global ambitions, or will trade barriers force a power-down?

Read our outlook on the EV market for 2025, including insights into how increasing production in China will shape the industry.

Leading Chinese electric car maker BYD's vehicle sales surged in 2024, the company said in a statement, as the firm grows its overseas presence.BYD's figures come after global EV sales hit a record 1.8 million units in November, according to industry research company Rho Motion.

BYD sold 1.7 million battery EVs in 2024, nearing the 1.81 million EVs sold by Tesla in 2023.

Bracing For A Tariff War | Global Finance Magazine

The Chinese automaker is known for using cheap labor to reduce the price of its EVs, with Brazil becoming its largest overseas market.

More than 160 workers have been rescued, according to local prosecutors.

Beijing believes Brussels has left some room for the two sides to continue their consultations to find a solution and avoid the worst scenario of high levies on EV imports to Europe.

The European Union's policy on lithium batteries, photovoltaic products and electric vehicles is a trade protectionist move under the guise of green transition, and may jeopardize global development, according to a recent blue book.

Amid rising geopolitical tensions, the electric vehicle industry is becoming a growing focal point of international competition between Western developed countries and China.