Etiqueta: Tariffs

Low-priced Chinese EVs pose a potentially “extinction-level event’’ for America’s auto industry.

The European Union (EU) reportedly revised its proposed tariffs on Chinese EV imports after gathering more information.

Volvo had previously said it would begin selling the EX30 in the United States later this year, but a spokesperson on Wednesday told Reuters that deliveries will not start until 2025, in part due to the introduction of tariffs of more than 100% on Chinese EV imports by the U.S. government. U.S. President Joe Biden unveiled steep tariff hikes on Chinese imports last month, including over 100% on EVs, up from 27.5% earlier. Volvo, the Swedish luxury brand owned by China's Geely, started building the EX30 in Zhangjiakou, China, and said last year it would expand production of the small electric SUV to a plant in Belgium beginning 2025.

Peru's president met with Chinese electric vehicle maker BYD on Wednesday, inviting executives to set up shop on the Andean nation's Pacific coast where another Chinese firm is building a massive port to facilitate trade between the two countries. President Dina Boluarte told the executives that if BYD were to build a auto assembly plant in Peru, it would benefit from the Chancay port under construction by Cosco Shipping Ports, set to open in November, according to a government statement. "In either of those places, that's where the vehicle assembly industry could be setting up," said Boluarte.

Peru trying to lure BYD auto plant with industrial park incentive

The president of Peru met with BYD, a Chinese manufacturer of electric vehicles on Wednesday. He invited executives to establish…

Buffett’s holdings in the carmaker are down more than 70% amid increasing technology and trade tensions between the United States and China

North America and Southeast Asia are also favored destinations as firms look to avoid tariffs and better serve carmakers with local operations

There are still some big questions that remain for British motorists about this relatively little-known brand.