American automobile giants are panicking about competition from cheap Chinese electric vehicles (EV), Axios reported on Wednesday.
U.S. companies face higher operational costs, rendering them unable to compete with Chinese EV price points and fueling apprehensions the country will pose a massive industry disruption, according to Axios. Chinese Communist Party (CCP)-tied EV maker BYD dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.
“Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world,” Tesla CEO Elon Musk said in January, according to CNBC.
Tesla will be the top EV company globally but China will likely take the number two spot, Musk predicted.
“These [Chinese] contenders come to our markets with the ability to sell the EVs at the same price as internal combustion engine vehicles, and at the same time the western governments are imposing 100% battery-electric vehicle [BEV] sales, it is quite obvious that the guys who cannot make cost-competitive BEVs are going to be in an existential problem,” Stellantis CEO Carlos Tavares told Bloomberg in a recent interview in reference to what he describes as the “Chinese offensive.”
Some American automakers have lost money on their EVs.
For instance, Ford lost $4.7 billion on EVs in 2023, citing price competition, according to a summary of the company’s annual earnings.
“All of our EV teams are ruthlessly focused on cost and efficiency in our EV products because the ultimate competition is going to be the affordable Tesla and the Chinese [automakers],” Ford CEO Jim Farley told analysts during a recent call, according to Axios.
Chinese EVs are lower quality, but due to government backing and access to low-cost batteries and labor, the nation is able to produce cheap and appealing EVs, according to Axios.
“I don’t discount any competitor,” General Motors CEO Mary Barra told analysts during a recent call in reference to Musk’s China comments, according to Axios.
China is exporting EVs to Mexico and multiple Chinese companies are looking into purchasing factories there, The Financial Times reported in December. Mexico could conceivably sell the Chinese EVs to the United States, according to Axios.
The Biden administration has repeatedly pushed for EVs and charging stations, designating billions of taxpayer dollars to this end. The administration wants EVs to make up 50% of all new car sales by 2030.
BYD, Tesla, Ford, Stellantis and General Motors did not immediately respond to the Daily Caller News Foundation’s request for comment.
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