BYD founder and CEO Wang Chuanfu accuses the United States and Europe of being “afraid” of Chinese electric cars. He believes that the imposition of tariffs in the West demonstrates the strength of his country’s automotive industry. He regrets the escalating trade tensions.
Is the West afraid of Chinese electric cars? This is what Wang Chuanfu, CEO and founder of BYD, claims. The head of the Chinese giant did not mince his words on Friday, June 7, 2024. He believes that “many politicians are concerned about the rise of low-cost Chinese electric cars, especially in the United States and Europe”. According to him, the introduction of tariffs in the United States and Europe “demonstrates the strength of the Chinese automotive industry”.
After surpassing Volkswagen and becoming the top automaker in China in 2023, BYD is looking to massively export its models. Wang Chuanfu believes that the industry “must open up to competition if it wants to smoothly manage the transition to electric vehicles”. Trade tensions around the world are escalating. China has also threatened to retaliate by imposing a 25% tariff on cars manufactured in Europe and the United States destined for the Chinese market. A blow to European automakers.
BYD founder flexes muscles
Tariffs or not, BYD is determined to continue its momentum. The manufacturer recorded its second-best result in history last month. With the small Seagull, the company is reshaping the electric vehicle market. Priced starting at 69,800 yuan in China (approximately 8,800 euros), the compact car has a lot to offer. Strong in China, the automaker now aims to establish itself on every continent worldwide.
BYD is among the Chinese brands with the highest ambitions in the European market. A factory is currently under construction in Hungary. This will allow the company to avoid paying tariffs to sell its models in the Old Continent.