Caixin
Jul 02, 2024 11:36 AM
BUSINESS

China Auto Roundup: EU Tariff Roadblock Has Chinese EV-Makers Preparing to Swerve, BYD Sales Roar to a Record

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Visitors to the 45th Bangkok Auto Show check out a BYD Sealion electric car on March 26. Photo: VCG
Visitors to the 45th Bangkok Auto Show check out a BYD Sealion electric car on March 26. Photo: VCG

Welcome to the Auto Roundup — a weekly briefing on the biggest headlines in China’s automotive industry covering electric vehicles, gas-powered cars, battery and autonomous technology, and more.

EU tariff roadblock has Chinese EV-makers preparing to swerve

The global shift toward electrification that propelled Chinese electric-vehicle (EV) makers on their global expansion now has them bracing for impact in Europe.

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  • The EU is imposing up to 38.1% tariffs on Chinese EVs, prompting Chinese automakers to consider relocating factories to Europe.
  • BYD set a sales record with nearly 1 million electric and hybrid cars sold in Q2, driven by price cuts and new technology.
  • Sales of new energy-powered heavy-duty trucks in China surged 139% year-on-year in the first five months of 2024.
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Who’s Who
BYD Co. Ltd.
BYD Co. Ltd. sold nearly 1 million electric and hybrid cars in Q2, achieving a record due to price cuts and new technology. The first batch of plug-in hybrids from their Uzbek plant has rolled off the assembly line, with an initial annual capacity of 50,000 units. This plant, part of a joint venture with Uzavtosanoat JSC, will produce two hybrid models, including the BYD Song Plus DM-i SUV and the BYD Chazor.
Contemporary Amperex Technology Co. Ltd.
Contemporary Amperex Technology Co. Ltd. (CATL) is a leading battery manufacturer. Its Chairman, Zeng Yuqun, suggested at the 15th Summer Davos that EV battery production capacity should be proportionally distributed: 40% for China, 30% for Europe and the U.S., and 30% for battery material suppliers. He advocated this approach as an alternative to tariffs, aiming to capitalize on China’s technological edge and investment efficiency.
Gaogong Industry Institute Co. Ltd.
Gaogong Industry Institute Co. Ltd. (GGII) reported that sales of new energy-powered heavy-duty trucks surged 139% year-on-year in the first five months of 2024. A total of 20,776 new-energy heavy trucks were sold in China, including 19,700 pure electric vehicles, 976 fuel cell trucks, and 100 plug-in hybrid trucks.
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What Happened When
January to May 2024:
Sales of new energy-powered heavy-duty trucks surged 139% year-on-year.
Thursday, June 29, 2024:
The first batch of plug-in hybrids rolled off the assembly line at BYD’s new plant in Uzbekistan.
Saturday, July 1, 2024:
China and the EU agreed to start consultations on the issue of EV tariffs.
By July 4, 2024:
The European Commission announced its decision to impose extra tariffs of up to 38.1% on battery-electric vehicles shipped from China.
AI generated, for reference only
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