Wang Chuanfu, Chairman of BYD Co., China’s leading automaker, has claimed that European and US politicians are apprehensive about Chinese electric vehicles (EVs). Speaking at an industry summit in Chongqing, Wang criticized Western efforts to restrict imports of Chinese-made cars, portraying it as a reaction to the strength of China’s automotive industry.
“If you are not strong enough, they will not be afraid of you,” Wang declared, emphasizing China’s growing influence in the global EV market.
The European Union is reportedly preparing tariffs aimed at Chinese EVs in response to concerns over Beijing’s subsidies, a move that could impact the flow of imports into Europe. In retaliation, China has hinted at imposing its own 25% tariffs, escalating trade tensions between the economic giants.
According to Dataforce, Chinese brands like MG Motors and BYD accounted for nearly 9% of battery-only vehicles sold in Europe last year, a figure expected to rise significantly by 2027. BYD, which ceased production of combustion engine cars in 2022, has emerged as a key player with 3 million electric and hybrid vehicles sold globally by last year.
During his speech, Wang urged the industry to embrace competition to facilitate the transition to electric vehicles. BYD has recently initiated a price war in China, reducing costs across its EV and plug-in hybrid lineup, positioning itself against traditional automakers like Toyota and Volkswagen.
“Electricity is cheaper than oil,” Wang emphasized, underscoring BYD’s aggressive stance in the market. He also predicted that electric and hybrid vehicles will soon dominate over traditional combustion engines, describing it as an inevitable trend.
For more insights into the global dynamics of electric vehicle competition and trade tensions, visit Bloomberg.
