The threat of China taking over the electric vehicle industry on two continents is shaping debates about jobs, trade and the fight against climate change.
Chinese electric cars are coming — and the U.S. and Europe are split on how to respond.
The U.S. imposes a stiff 27.5 percent tariff for foreign-made cars — put in place during Donald Trump’s presidency — and has buttressed that with the protectionist tax credits of President Joe Biden’s Inflation Reduction Act, which put a premium on car and battery production in North America. In addition, hostility toward Beijing from leaders in both political parties would make it difficult for Chinese carmakers to penetrate the U.S. market, at least openly.
The reputation of China’s carmakers has rapidly shifted, from being seen as making low-quality knock-offs to becoming a true rival for Western brands. Its domestic market dwarfs any other, selling 27 million cars last year, compared with 13.75 million cars and light trucks in the U.S. and 9.25 million cars in the E.U.Last year, 5.4 million battery electric vehicles — two-thirds of the world total — were registered in China.
“It reminded me of the heydays of the Tokyo auto show in the ‘80s,” said Joe Langley, an auto forecaster and analyst with S&P Global Mobility. He spoke of the era when Japanese automakers remade the global automotive order by producing small, reliable cars like the Toyota Corolla and the Honda Civic.Europe’s friendly shore
represented 28 percent of all its EV imports in this year’s first quarter. That’s three times higher than the same period in 2022. Car exports have generated a trade surplus of between €70 billion and €110 billion every year over the past decade for the European economy, the Allianz report said.on the European Commission — the executive branch of the E.U. that’s responsible for trade policy for its 27 member countries — to boost tariffs on foreign cars.
Republican lawmakers in Washington have struck similar notes, seeing an opportunity to use the president’s climate goals against him. “Joe Biden’s obsession with electric vehicles … is turning over American power and money to China,“ RepublicanBut Biden is making his own efforts to blunt China’s influence over the U.S. auto industry, one of the aims of the Inflation Reduction Act he signed last year.
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