{"id":82564,"date":"2024-08-05T12:26:44","date_gmt":"2024-08-05T16:26:44","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/will-tariffs-curtail-chinese-ev-dominance-as-western-automakers-scale-back\/"},"modified":"2024-08-19T11:26:16","modified_gmt":"2024-08-19T15:26:16","slug":"will-tariffs-curtail-chinese-ev-dominance-as-western-automakers-scale-back","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/will-tariffs-curtail-chinese-ev-dominance-as-western-automakers-scale-back\/","title":{"rendered":"Will tariffs curtail Chinese EV dominance as Western automakers scale back?"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4cdc4aff3]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4cdc4aff3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Will tariffs curtail Chinese EV dominance as Western automakers scale back?<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4cdc50d78'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">August 5, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4cdc52e17'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Background<\/h2>\n<p><span style=\"font-weight: 400\">European Union and United States tariffs on battery electric vehicles (BEVs) may hamper the growth of Chinese automakers like BYD, but broader pressures are likely behind a global slowing in the space.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Battery concerns and waning government support are exacerbating concerns about consumer demand in the West. This may lead to layoffs at legacy automakers and open up EV production to brands in other developing countries.<\/span><\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg's supply chain newsletter<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now to get the latest insights<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4984436825588804652\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4cdc57ce2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The issue<\/h2>\n<p><span style=\"font-weight: 400\">China\u2019s BYD Co. is priced to grow at 20 times earnings, but it may be an outlier in an otherwise bearish market for BEVs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Consumer price sensitivity will play a key role in legacy automakers\u2019 decisions to slow or delay BEV plans, while tariffs and trade concerns may disrupt BYD\u2019s supply chains and presence in major markets, according to a new Bloomberg Intelligence report.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Chinese brands like BYD \u2014forecast to surpass Tesla as the leading BEV sales brand in 2024 \u2014 were able to capture a record 11% of the European EV market in June, ahead of a 17% additional tariff that went into effect in July.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In China, BEVs are still projected to capture 30% of all car sales by 2025 due to an abundance of infrastructure and chargers. BYD alone will sell 2.5 million BEVs and 3.1 million plug-in hybrid electric vehicles (PHEVs) by 2026 while exporting 1.2 million vehicles that year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Europe\u2019s lagging market is hampering growth for other automakers.<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-19\/forvia-to-cut-10-000-jobs-to-better-compete-in-ev-transition\"> <span style=\"font-weight: 400\">Forvia SE<\/span><\/a><span style=\"font-weight: 400\"> and<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-14\/continental-to-cut-7-150-jobs-in-savings-push-at-auto-unit?embedded-checkout=true\"> <span style=\"font-weight: 400\">Continental AG<\/span><\/a><span style=\"font-weight: 400\"> earlier announced layoffs impacting thousands of workers over the coming years.\u00a0 At the end of July, ZF Friedrichshafen AG detailed plans to cut up to 14,000 jobs by 2028.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The BloombergNEF Electric Vehicle Outlook 2024 has the BEV and PHEV sectors growing an average of 21% annually through 2027, down from 61% in 2020 through 2023. The Outlook says market contractions, consumer preferences, and tariff pressures make EVs \u201cno longer only a wealthy country phenomenon\u201d and could lead developing nations to focus on building their own factories.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Tracking<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Run Bloomberg\u2019s BNEF EVO function to see the BNEF Electric Vehicle Outlook and compare sales by market. Use 1211 HK Equity SPLC and MODL to see supply chain analysis or sales forecasts for companies like BYD.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"544\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EVFFM11.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Electric vehicle outlook\" title=\"EVFFM11\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EVFFM11.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EVFFM11.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EVFFM11.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EVFFM11.jpg 868w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4cdc5ea58]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4cdc5ea58'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0c4cdc61d85'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8860677016934341554\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>European Union and United States tariffs on battery electric vehicles (BEVs) may hamper the growth of Chinese automakers like BYD, but broader pressures are likely behind a global slowing in the space.<\/p>\n","protected":false},"author":1679,"featured_media":82566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[457,453,444],"tags":[451,3670],"series":[],"class_list":["post-82564","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-trading","tag-corporations","tag-functions-for-the-market","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will tariffs curtail Chinese EV dominance as Western automakers scale back? 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