Chinese automaker BYD has set its sights on Mexico as its quest for global expansion turns toward North America. Tesla Chief Executive Elon Musk has also expressed similar concerns, saying the Chinese companies have already had significant success outside of China and are now the “most competitive" in the world. The European Union is conducting an investigation of Chinese EV makers that could result in new tariffs if EU officials find the Chinese companies are receiving unfair subsidies. If the U.S. government pushes EV adoption too quickly, it would serve as an open invitation for Chinese EV companies including BYD, Geely and NIO to “storm the U.S. market," the memo said. Officials in the Biden administration are monitoring Chinese investment in Mexico amid concerns Chinese businesses could take advantage of North American free-trade agreement rules.

Source: Wall Street Journal February 16, 2024 05:17 UTC