financetom
Business
financetom
/
Business
/
China's BYD warns EU tariffs will raise prices and deter buyers
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China's BYD warns EU tariffs will raise prices and deter buyers
Oct 17, 2024 2:33 PM

PARIS (Reuters) -The EU's planned tariffs on Chinese-made EVs will lead to higher prices and deter buyers, Chinese EV giant BYD warned on Monday, adding the tariffs proposed for its vehicles were not a fair, but that it had also not challenged them.

"Europe's EV market needs more positive education ... trust is low. The problem is the high price, and that the European Union now charges tariffs," BYD Executive Vice President Stella Li told Reuters at the Paris car show.

"Who pays the bill? Consumers. So this makes people very concerned. It will stop poorer people from buying."

Asked about the tariffs proposed for BYD's vehicles, Li said: "We disagree a lot on the calculations ... It's not a fair judgement. We did not challenge it. You don't accept it. What can you do?"

Li added that BYD had not yet decided what it's strategy would be to cope with the extra cost.

"Politicians should stay away from tariffs, adding more cost to auto manufacturing and bringing confusing information to the auto industry," she said.

Asked about BYD's European manufacturing plans, Li said the company would produce almost all of its EVs in Hungary and that it would "buy the maximum from European vendors" in terms of its supply chain.

It will assemble battery packs in Europe, but the cell would still come from China.

Li added the lowest price BYD would be able to sell in Germany, and European more broadly, was about "30,000 euros-ish."

Asked why BYD was having a hard time in Germany, Li said: "I think we did not build the infrastructure right".

"Now we are just correcting and starting to build our network ... We need to add more service points which we have already done and more dealer networks," she said.

"You will see the change very soon - you will see a lot of BYD cars on the street in Germany."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Cybersecurity firm Tenable's CEO Amit Yoran dies after battle with cancer
Cybersecurity firm Tenable's CEO Amit Yoran dies after battle with cancer
Jan 4, 2025
Jan 4 (Reuters) - Amit Yoran, the chairman and chief executive of cybersecurity firm Tenable Holdings ( TENB ) died on Friday following a battle with cancer, the company said on Saturday. Yoran, 54, joined Tenable as CEO in 2016 and was credited with steering the company's growth, including its 2018 initial public offering. The company said it would continue...
UBS investigates undisclosed Nazi-linked accounts at Credit Suisse
UBS investigates undisclosed Nazi-linked accounts at Credit Suisse
Jan 4, 2025
Jan 4 (Reuters) - Swiss bank UBS is working with an independent ombudsman to shed light on Nazi-linked accounts, it said on Saturday, after the Wall Street Journal newspaper reported some accounts at collapsed bank Credit Suisse, which UBS bought in 2023, had not been disclosed in earlier investigations. The Journal cited a December 2024 letter from the ombudsman to...
Trump demands end to North Sea 'windmills' in swipe at UK energy policy
Trump demands end to North Sea 'windmills' in swipe at UK energy policy
Jan 4, 2025
* Trump says UK making 'a very big mistake' * Britain is increasing windfall tax on North Sea energy producers * Government aims to quadruple offshore wind capacity by 2030 By Ron Bousso LONDON, Jan 4 (Reuters) - U.S. President-elect Donald Trump on Friday criticised the British government's energy policy with a demand the country open up the ageing North...
Foxconn fourth-quarter revenue up 15.2%
Foxconn fourth-quarter revenue up 15.2%
Jan 4, 2025
TAIPEI, Jan 5 (Reuters) - Taiwan's Foxconn, the world's largest contract electronics maker and Apple's ( AAPL ) biggest iPhone assembler, reported on Sunday that its fourth-quarter revenue jumped 15.2%, reaching a record high for the quarter. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved