How China’s EV market could endure higher tariffs
It’s fair to say China dominates in electric vehicle sales. The country is the world’s biggest consumer of electric cars and has dozens of automakers competing in the space. Last year, Chinese companies sold about 9.5 million EVs and plug-in hybrid cars. But the industry faces mounting trade pressures. The Biden administration imposed a 100% tariff on Chinese EVs which President-elect Donald Trump is expected to continue. Meanwhile the European Union recently raised tariffs up to 45%, citing concerns that Chinese government subsidies give the companies an unfair advantage. Subsidies certainly help but there are other factors giving Chinese EV’s an edge. Marketplace’s Meghan McCarty spoke with Marketplace’s China correspondent Jennifer Pak about how those factors could keep Chinese EV makers competitive, even in a more restrictive global market.