Chinese EV Stocks Sink After Senator Calls For Import Ban
Chinese electric-vehicle makers fell Fri after a U.S. senator called for a permanent ban on EV imports from the Asian country.
Nio, Xpeng, Li Auto and BYD plunged.
Sen. Sherrod Brown (D., Ohio) wrote a letter to President Biden on Thu, calling for action to "permanently ban" EVs made by Chinese companies. Brown said in the letter that Chinese EVs are an "existential threat" to American carmakers.
The senator forgot to mention that Tesla and some other Western carmakers make their cars in China. They enjoy the EV subsidies and low costs in China.
Meanwhile, German automaker Volkswagen on Thu announced an investment of about USD2.69 billion to expand production in China, part of a broader push into that market.
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bullrider_21OP : Currently, China doesn’t export its cars to US because of the high 27.5% tariff. Calling for a ban because they can't compete smacks of protectionism.
Teck Wang Pang PaPa : I Invested $10,000 In NIO Stock!..
bullrider_21OP : If it happens, Tesla could be kicked out of China because it enjoys China EV subsidies and low costs. Half of its production and deliveries may be gone.
bullrider_21OP : Many China EV stocks short sellers. Going down to very good prices.
Teck Wang Pang PaPa bullrider_21OP: Last night I was super greedy but of course I dont sell my
to buy Nio...LOL.
bullrider_21OP Teck Wang Pang PaPa: So you grabbed Nio shares.
bullrider_21OP : China EVs are sold more expensively overseas. BYD Seagull (known as Dolphin Mini overseas) sells for USD9,000 in China, but about USD20,000 overseas. Because if they sell at the same price, they will be accused of dumping.
Chirp : Shutting a country out just because you felt threatened by the competition will get back fired in many ways. As a senator, he should come up with a better idea than this.
bullrider_21OP Chirp:
Teck Wang Pang PaPa : Beijing on Scholz's coming China visit, supporting Germany's 'more important role' in EU and world
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