Warren Buffett-Backed Chinese EV Giant BYD To Open First Southeast Asia Factory To Increase Car Sales Amid EU Tariffs

Quick Summary:

Warren Buffett-backed Chinese EV giant BYD Co.Ltd.(OTC:BYDDF) (OTC:BYDDY) is set to inaugurate its first Southeast Asia factory in Thailand, a move that coincides with the implementation of new tariffs on Chinese EVs in the European Union.

The additional tariffs, including a 17.4% levy on BYD vehicles, are aimed at leveling the playing field for European brands against China’s heavily subsidized automotive industry.“China is still destocking....

The factory’s opening coincides with the EU’s imposition of new tariffs on Chinese EVs, in addition to the existing 10% tariff.

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Category: Technology

Markets: United StatesBelgiumChinaFranceLuxembourgNetherlandsThailandTunisia

Topics: BYDDY Electric vehicles BYDDF European Union Global News Kaustubh Bagalkote Benzinga Tech Mobility EVs

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-03 @ 08:24:27 (2 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 401 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 21469387

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