China's Foreign Ministry has responded to U.S. President Joe Biden's remarks in a TIME interview that China provides subsidies to flood the U.S. market with electric vehicles (EVs), stating that China does not use WTO-prohibited subsidies. China's edge in new energy vehicles, lithium batteries, and photovoltaic products is attributed to technological innovation, a robust production and supply chain, and high labor productivity. Despite Biden's claims, China exported only 13,000 EVs to the U.S. last year. The Biden administration has announced increased tariffs on key Chinese imports, including EVs, batteries, and semiconductors, potentially quadrupling tariffs on EVs. CATL, a leading Chinese battery manufacturer, received subsidies amounting to 13% of its net profit in 2023 and tops China's corporate subsidies list, but subsidies are not the primary reason for its success. BYD, another major Chinese EV manufacturer, has announced a significant investment of CNY100 billion (USD13.8 billion) to develop intelligent driving technologies.
🚗💥 Biden's set to quadruple tariffs on Chinese EVs! Is this a move to protect American jobs or just another Trump 2.0 policy? Let's hear your thoughts! #TradeWar #EVs #BidenEconomics Pierre Lemieux at #EconLog: https://t.co/PgrNynrupj
Foreign countries are “afraid” of Chinese electric vehicles, Wang Chuanfu, chairman of BYD Co., said in a swipe at European and United States efforts to constrain imports of China-made cars. https://t.co/SIoYttFMis
BYD calls out the US and Europe for being 'afraid' of Chinese EVs https://t.co/TSpnaOW2L8 by @EVPeteJohnson
Europe readies tariffs on a flood of cheap Chinese EVs https://t.co/yS6WFW9vTW via @nicola_news https://t.co/iLHNbxWhpt
China "already had pretty developed manufacturing for batteries aimed at electronics," @mazzocco_ilaria tells @voxdotcom. "BYD is one of those examples, they started by producing batteries for electronics in the 1990s, and then it got into producing EVs." https://t.co/6riQ4e2kbZ
Foreign countries are “afraid” of Chinese EVs, BYD's chairman said in a swipe to Europe and the US https://t.co/7f6K574w98 via @bpolitics
The Biden administration recently announced tariffs on a number of Chinese goods, including EVs. Price hikes could extend to e-bikes, too. https://t.co/EoL1XxvM8J
Foreign countries are “afraid” of Chinese EVs, BYD's chairman said in a swipe to Europe and the US https://t.co/g5l7ccIysF
🌎 🇨🇳 🇪🇺 A Trader’s Guide to #China #EV Stocks as EU Tariff Deadline Looms – Bloomberg https://t.co/sd46MuVHEm https://t.co/uPjRNRlxEZ
🇨🇳 🇪🇺 Chinese Investment in #Europe Shrinks, Mostly Goes to #EV Industry – Bloomberg https://t.co/SwXIwlvXG5 https://t.co/wsFXvLYuGG
.@BYDCompany will invest CNY100 billion (USD13.8 billion) to develop intelligent driving technologies, Chairman Wang Chuanfu said yesterday. Wang also explained that he prefers lithium iron phosphate rather than ternary batteries for energy storage in terms of safety. https://t.co/WhXDN3S6sQ
US Tariff Hikes on Chinese EVs Will Slow Low-Carbon Shift, Citadel Founder Says @Citadel https://t.co/yNrnqPHrtx
Here's what traders should watch as the EU weighs tariffs of 20% or higher on Chinese EVs https://t.co/RtEfxuEyY0
US car industry veterans and consultants think tariffs on Chinese EVs delay the inevitable. Instead it’s better to force Chinese EV makers to set up manufacturing in the US and JVs with minority stakes with potential technology transfer in order to access the US car market https://t.co/uOJeguEqzD
The road ahead for Chinese electric vehicles 🛣️ @OABlanchard & @rayliant's Phillip Wool review $NIO earnings and the Chinese EV stocks as a whole with @NPetallides, detailing which are best positioned for growth as headwinds persist: https://t.co/UiA8BKxM6u
CATL still dominates the EV battery market share in 2024, but BYD is gaining ground https://t.co/goT01Q35pu by @EVPeteJohnson
The Biden administration announced increased tariffs on key Chinese imports including EVs, batteries and semiconductors. Learn how these changes impact supply chains and economic dynamics: https://t.co/cBpkBmTUbs #Tariffs #SupplyChain #Economy https://t.co/CRCHoUvspy
Opinion: U.S. must embrace an electric future or Chinese carmakers will take American jobs https://t.co/gGJWatrwgq
Opinion: #Chinese automakers can adapt to #Brazil’s needs, showing their efficiency and flexibility. #Washington's narrative claiming that Chinese companies gain advantages through government subsidies is far from the truth. https://t.co/ECruCpPt48
CATL tops China's corporate subsidies list, outranking oil majors For CATL, the 2023 support amounted to 13% of its net profit. Clearly, subsidies are not the reason for CATL's success... https://t.co/PJJNOccz1U via @NikkeiAsia
Global investment in clean energy has skyrocketed. And, guess what, #China accounts for a majority of the spending — in solar, wind energy, hydropower, batteries, EV etc. China is installing roughly 65% of solar panels and manufacturing 65% of electric cars in the world. https://t.co/PkQSEyUlAW
#FMsays China, which exported just 13,000 electric vehicles to the US last year, didn't "flood" the US market with EVs, FM spokeswoman Mao Ning said, responding to US President Joe Biden's remarks in his recent interview with TIME. Chinese EV companies "competed their way to… https://t.co/ImQh3OM4qg
The global energy transition in one chart: Clean energy investment is now nearly double fossil fuels https://t.co/rlwz06u1Db
China's recent edge in new energy vehicles (#EVs), lithium batteries, and photovoltaic products stems from its relentless technological #innovation, a robust production and supply chain, and high labor #productivity, not government subsidies. https://t.co/qacoMjVFEt
⚠️ CHINA'S FOREIGN MINISTRY, ON REPORT U.S. PRESIDENT BIDEN SAYS CHINA PROVIDES SUBSIDIES TO FLOOD U.S. MARKET WITH ELECTRIC VEHICLES: CHINA NEVER USES WTO-PROHIBITED SUBSIDIES