Reported 8 months ago
On June 18, 2024, President Biden announced a tariff increase on Chinese electric cars from 25% to 100% starting in August, as local new energy vehicles in China surged, leaving traditional US and EU automakers struggling to keep pace. Experts foresee the likelihood of major US and Asian manufacturers such as Ford, GM, Hyundai, and Nissan tearfully withdrawing from the Chinese market within five years. Local Chinese electric car industry, supported by significant government subsidies, has outpaced international brands like Tesla, reshaping the global automotive landscape with fierce competition and promising advancements in technology.
Source: YAHOO