The News
Some Chinese electric vehicles will remain cheaper than their closest American competitors even after an 100% tariff imposed by US President Joe Biden takes effect in late September.
Well under the mid-market price of $30,000, a BYD EV at $12,000 with the tariffs imposed would be more affordable than a Tesla, an industry researcher told Nikkei Asia.
This is in part due to China’s ability to more readily produce low-cost EV batteries, and the US has lagged in developing a domestic supply chain to compete. Meanwhile, Beijing has also boosted China’s EV industry with more than $231 billion over the last 15 years, Bloomberg reported, a “conservative” estimate that doesn’t include the benefits of low-cost land and alleged forced labor.