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Despite a new 100% tariff on Chinese EV imports, BYD will still offer the cheapest electric vehicle in the US, priced under $25,000. Tesla remains dominant but has yet to hit the $30,000 mark.
BYD’s Price Unaffected by New Tariff
Even with the new 100% duty on Chinese electric car imports, BYD will still have the cheapest EV in the US, according to Joe McCabe, CEO of AutoForecast Solutions (via Nikkei).
A press release from The White House stated that the tariff is meant to "protect American manufacturers from China's unfair trade practices" and will go into effect on September 27.
BYD EVs to Stay Under $25,000 Despite Tariff
"The lowest-priced EV for the US would be $12,000," McCabe said of BYD. Despite a tariff rate of 100%, BYD's electric vehicles would still be the most affordable in the US, costing less than $25,000.
Tesla, which continues to maintain a commanding lead in the electric vehicle industry in the United States (48 percent dominance as of July), has not yet broken the $30,000 threshold.
BYD Leverages Supply Networks for Low Costs
Established supply networks provide Chinese automobile manufacturers, such as BYD, with a competitive advantage that enables them to offer lower costs, Electrek shares.
In July, more than half of China's passenger vehicle sales were electric automobiles. New data from S&P Global Mobility shows that 8.5 percent of the US light vehicle market was devoted to EVs during that time.
A large portion of the world's battery supply comes from Chinese companies like BYD and CATL. The two largest shipments of electric vehicles in the second quarter, according to SNE Research, were from CATL (35.9%) and BYD (16.5%).
BYD, CATL Dominate Global EV Battery Market
In the first eight months of 2024, the global EV battery market was led by CATL with 37.6% share, followed by BYD with 16.1%.
Moreover, according to Stella Li, the North American CEO of BYD, the business does not intend to enter the passenger vehicle market in the United States.
