A couple of China-based EV giants had good news to share in spite of a weakened consumer at home and fresh tariffs from the EU and Canada.
The European Commission on Tuesday solidified new tariffs for electric vehicles imported from China. The actual numbers aren’t harsh.
“Any potential cost savings based off a vehicle’s lower-than-average carbon footprint could influence more price-conscious consumers.”
Uber announced a new partnership with BYD to get 100,000 of its drivers into the company’s electric vehicles.
Ford will spend $3 billion to expand production of its popular combustion engine large trucks; Volvo reported a record core operating profit.
Tesla’s sales fell for the second straight quarter, marking its first back-to-back sales drops since 2012. But its stock still rose 10%.
The EU has a 10% tariff on EVs imported from China, but it could soon increase to 25% or 30%.
Beijing is reportedly unhappy with the prospect of an EU tariff on EVs, and is considering retaliatory tariffs on the EU’s aviation industry.