TECH - Chinese EV Thrive Despite Tariff Hikes Foreign Rivals Struggle | Benzinga
Despite new tariffs on Chinese electric vehicles (EVs), foreign automakers are struggling to stay competitive in China’s burgeoning EV market.
What Happened: A study by AlixPartners reveals that foreign car companies are falling behind in China’s EV market, which represents over 40% of new passenger cars sold in the country. Stephen Dyer, co-leader and head of AlixPartners’ Asia automotive practice suggests that foreign brands must adopt a different approach and take more risks to make a mark in the market, CNBC reported on Tuesday.
"Unless [foreign car brands] change their mindset of developing and manufacturing cars to one that is more willing to take risks, and consider how to design and manufacture a car from so-called first principles, their position will become increasingly precarious," Dyer, who spoke in Mandarin, was quoted.
Even with the U.S. doubling tariffs on Chinese EVs from 25% to 100% and the EU imposing tariffs of up to 38% on ...