Electric vehicles and the new trade war

Electric cars are at the centre of a brewing global trade war. Here’s everything you need to know. China has become the world’s factory for electric vehicles. It started off by manufacturing for companies like Tesla, VW and Volvo. But now Chinese companies have caught up and competition is fierce. The world’s two big competitors are BYD from China and Elon Musk’s Tesla. At the end of last year, BYD beat beat Tesla for sales, but in the first quarter of this year, Tesla was back on top. The rest of the world is watching China nervously. More than half the electric vehicles sold around the world are from China, and that number is growing. China can manufacture them cheaper, faster, and on such a staggering scale that its overseas competitors can’t keep up. The US already imposes a 27.5% tariff on cars from China and is urging China to rein in production and reduce subsidies. The European Commission is accusing China of flooding the global market for EVs, and he’s investigating whether it will apply punitive tariffs to cars from China to see a cloud as we are Hidden ocean river capacity taken to Sphere Hidden Mission. And harness him out his team Artis up Alicia Oxford. China has pushed back, saying that any threat of tariffs is protectionism and Chinese companies have a right to sell cars to the world. China also says cheaper electric cars help countries meet their emissions reduction targets. German car manufacturers are worried that if the European Commission slaps tariffs on cars from China, China will restrict access to its vast market. China’s EV push is part of its latest economic plan. President Xi Jinping calls it new Productive forces. Its focus is green technology, solar power, batteries and DVS. It’s meant to get the country out of its economic slump caused by weak consumer demand, debt and spending too much on real estate. The train tension boils down to this. Europe and the US say that China has an unfair market advantage. But China insists the world needs all the electric cars it can get.