US drivers are annoyed by a lack of affordable electric cars, while Chinese automakers are manufacturing cheap EVs by the millions.
By Kyle Stock | Bloomberg
A model stands next to the newly launched BYD Atto 3 car during the Auto Expo 2023 in Greater Noida on January 11, 2023. The China dynamic is more recent. In 2018, just as China was starting to crank out a wave of compact EVs, US president Donald Trump implemented tariffs on about $370 billion of imports from the country each year, including a 27.5% tariff on cars made in China. That policy persists under the Biden administration. In Europe, by contrast, the tariff on Chinese cars is 9% — low enough for those machines to at least trickle into the market.
Dave Andrea, a principal at Michigan-based consultancy Plante Moran, compares the US auto market to a siren song: compelling until you get close enough to see the risks. “It’s a big market, but not a growing market per se,” he says. “And you have to displace existing manufacturers, existing brand loyalty.”
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