China's Electric Vehicles Gain Global Competitive Edge
BEIJING - China's electric vehicle (EV) industry has established a significant technological and market advantage, leading the global competition by three to five years, according to BYD CEO Wang Chuanfu.
In an interview with Chinese state television, Wang highlighted the superiority of China's EV products, technology, and industrial chain. This advancement stems from the industry's rapid growth in China, where the country emerged as the world's largest auto exporter in 2023.
Despite China's success, its EV exports face tariffs in key markets such as the United States and the European Union. Notably, the EU has imposed a 17.0% tariff on BYD's EVs.
Wang expressed his belief that protectionism cannot stifle the success of superior products. He emphasized that consumer acceptance and approval drive BYD's innovation and determination to overcome challenges.