Tensions Rise as China's Lower-Priced EVs Become Trade Battleground
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#ac1676e0 ver:0.14
China's electric car manufacturer BYD is flooding the European market with cheap electric vehicles, overtaking Tesla as the world's best-selling electric car maker. A Chinese cargo ship, the BYD Explorer 1, has delivered over 5,000 vehicles to ports in the Netherlands, Germany, and Belgium. BYD has received £2 billion in subsidies from the Chinese government between 2008 and 2022, allowing them to produce well-designed vehicles more cheaply than their competitors. The success of BYD has spooked established automakers, who are now calling for tougher trade barriers. The UK Trade Secretary Mark Harper has suggested using trade sanctions to prevent China from flooding the market with cheap electric vehicles. The Trade Remedies Authority is also ready to investigate Chinese electric vehicles. ...
#newstr #China #ElectricVehicles #Trade #EuropeanUnion #EvExports