China EV makers: Who’s ahead in the race so far?

BYD, the China electric vehicle (EV) brand that unseated Tesla as the global leader in the green vehicle market in 2023, might not be much affected by the upcoming hike in European Union tariff, according to analysts from Citi.

A day before the tariff hikes were announced, the analysts said in a note that they believe the trajectory of China EV automakers’ inroads abroad would not be derailed – even without the European market – as Chinese exports face extra import duty for battery EVs (BEVs).

The European Commission announced on Jun 12 that higher provisional import duties would be levied on the BEV imports from three Chinese carmakers – on top of the existing 10 per cent. This makes it a total of 27.4 per cent in import duties for BYD, 30 per cent for Geely Automobile and 48.1 per cent for SAIC Motor.