China’s EV Maker BYD Gets Bad News From DC And Punches Back [Forbes]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Forbes
The question of whether U.S. business ties with China are sustainable given distrust over Chinese investment in America is playing out with BYD Motors, the Warren Buffet-backed, Chinese electric vehicle maker located in Southern California. A defense policy bill is heading to the White House that would bar use of federal funds to purchase buses and rail cars from Chinese companies over concerns about security issues and spying. The restriction would go into effect in two years. Stella Li, president of the U.S. subsidiary of BYD Company, recently spoke out about the defense bill that targets Chinese transit suppliers. Speaking at a conference in New York City held by the South China Morning Post The action comes at a time when the U.S. and China, the world’s top two superpowers, are locked in issues over cooperation or competition largely focused on technology. BYD, based in Shenzhen, is the world’s largest maker of electric vehicles while Tesla claims that titles for automobiles. BYD
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