Sourсe: CNBC
BYD Chairman Wang Chuanfu sharply criticized the attempts of Europe and the United States restrict imports of Chinese-made cars.
«There are many examples in other countries where policymakers are concerned about electric vehicles from China,» Wang said at an industry summit in the southwestern Chinese city of Chongqing (via Bloomberg).
The 58-year-old billionaire, who founded China’s largest automobile company, says that the reaction of Western countries shows the strength of the Chinese automotive industry.
«If you are not strong enough, they will not be afraid of you».
In the coming weeks, the EU is expected to unveil new tariffs on Chinese electric vehicles following an investigation, potentially hurting the growth of vehicle imports to Europe. China has hinted that it will retaliate with its own 25% tariff.
According to Transport & Environment, almost one-fifth (19.5%) of the electric vehicles sold in Europe last year were produced in China, and this figure will reach a quarter (25%) in 2024. The Group also predicts that Chinese brands could reach 11% of the European EV market in 2024 and 20% in 2027.
BYD has become a dominant player in the electric vehicle industry and will stop producing cars with internal combustion engines in early 2022. By last year, the Shenzhen-based automotive giant had produced and sold 3 million electric and hybrid cars, ranking among the top 10 global automakers in terms of sales.
In his speech on Friday, Wang also called on the industry to embrace more competition if it wants to cope with the transition to electric vehicles.
Recently, BYD has also led a new price war in China, sharply reducing the cost of its electric vehicles and hybrids. The company has targeted traditional automakers such as Toyota and Volkswagen AG with the slogan «electricity is cheaper than oil».
Wang added that electric and hybrid vehicles are on their way to outpacing conventional engines.
«This is a major and unstoppable trend», he said.