BYD CEO, Wang Chuanfu has publicly called out politicians in the US and Europe for being worried and afraid of Chinese EVs entering the markets. This comes as the BYD Seagull is one of the cheapest new EVs on sale and BYD is looking to rapidly expand its brand throughout the world.
“If you are not strong enough, they will not be afraid of you. There are many examples of politicians in other countries who are worried about EVs in China.”
BYD CEO, Wang Chuanfu
These comments come from an industry event that Chuanfu spoke at earlier this week on Friday. This is also well timed, as both the US and Europe have or are looking to impose large tariffs on imports of any Chinese cars. The US have just introduced a 100% tax on all cars entering the US from China and it is expected that Europe will also introduce a tariff too, as the EU is currently investigating the situation. European Commission President Ursula von der Leyen was quoted as saying that global markets are “now flooded with cheaper electric cars.”
BYD Seagull
The car that a lot of industry people are worried about is the BYD Seagull. This is the company's cheapest and most appealing car to date. The car starts at just $9,700 (69,800 yuan) in China and even when it makes its way to other countries, it is still one of the cheapest options for EV customers. Ford CEO Jim Farley has even called the Seagull a “pretty damn good” car.
What to do?
There is no getting away from the fact that BYD are extremely far ahead in battery technology, its cars are good value and offer a good balance between style and technology. A good compromise for countries would be to incourage BYD and other companies is to potentially make their cars in Europe and the US, rather than quite aggressively imposing these huge tariffs. Quite aptly, BYD CEO also added that the auto industry should just embrace the competition if it wants to take the EV transition seriously.
Source: Bloomberg
