Wang Chuanfu, Chairman of BYD Co., China’s largest auto company, has accused European and US politicians of harboring fears about Chinese electric vehicles (EVs). Speaking at an industry summit in Chongqing, Wang highlighted the apprehension from Western countries as a testament to the prowess of China’s automotive sector.
“If you are not strong enough, they will not be afraid of you,” Wang asserted, underscoring China’s growing influence in the global EV market. The comments come amid looming trade tensions, with the European Union preparing to unveil tariffs targeting Chinese EVs in response to subsidies from Beijing. China, in turn, has hinted at retaliatory measures with its own tariffs.
According to Dataforce, Chinese brands like MG Motors and BYD captured nearly 9% of Europe’s battery-only vehicle market in 2023, a figure expected to rise significantly by 2027, as per Transport & Environment.
BYD, known for halting combustion engine car production in 2022, has emerged as a major player in EVs, selling 3 million electric and hybrid vehicles by last year and securing a spot among the top 10 global automakers by sales.
During his speech, Wang urged the industry to embrace competition amid BYD’s aggressive pricing strategies in China, positioning EVs as a cost-effective alternative to traditional cars. “Electricity is cheaper than oil,” Wang noted, targeting established automakers like Toyota and Volkswagen.
Highlighting the shift towards electric mobility, Wang emphasized, “Electric and hybrid vehicles are on their way to overtaking conventional engines,” signaling an inevitable industry transformation.
For further insights into global EV dynamics and the escalating trade tensions, read the full article on Bloomberg.