From Dow Jones & Company: 2024-06-11 09:22:00

Turkey imposed new tariffs on imports, causing shares of Chinese electric-vehicle makers to plummet. The EU may follow suit. China’s EV exports could undercut other car makers and distort the market. BYD briefly surpassed Tesla as the top EV maker. China dominates the global market with over 176,000 exported vehicles this year.

China’s advantage in labor costs and market size poses a threat to Western automakers. Ford CEO Jim Farley warns of an uneven playing field due to Chinese government subsidies. Chinese brands hold 10% of Europe’s EV market. Two million all-electric vehicles were sold in Europe out of 13 million new vehicle sales in 2023.

Turkey set a record with 1.2 million new car sales in 2023, including 66,000 all-electric vehicles. BYD entered the Turkish market, where a domestic EV brand called Togg also exists. Li Auto’s ADRs fell in premarket trading, along with S&P 500 and Nasdaq futures. NIO and XPeng were unaffected, while BYD shares gained in Hong Kong.

Zhejiang Leapmotor and Geely Automobile saw mixed results in Hong Kong trading. Hang Seng Index closed 1.7% lower. Ford stock dropped in premarket trading in the U.S. at $12.32 per share. Advertisements have been placed throughout the summarized news article.



Read more at Dow Jones & Company: BYD, NIO, XPeng, Li Auto, Other China EV Stocks Face Further Tariff Hit