Nio's CEO calls Europe's possible tariffs on Chinese EVs a move against the ‘sustainable development of all humankind' [Fortune]
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GREAT WALL MOTOR CO ADR (GWLLY)
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Source: Fortune
Chinese EV manufacturers are, unsurprisingly, perturbed by the claim. Nio CEO William Li, during the company's earnings call, was the latest to question the investigation. Tariffs on new energy vehicles, a category that includes battery EVs and plug-in hybrids, goes against the “sustainable development of all humankind,” Li said. The EV CEO said that Nio would adjust its strategy depending on the tariffs, and European sales were still “quite moderate” compared to the company's total sales. Other Chinese EV makers are also pivoting away from Europe. Last week, Great Wall Motor announced that it will close its European headquarters and lay off Europe-based staff. A possible flood of cheap EVs from China is spurring a protectionist backlash in Europe and the U.S., which announced a 100% tariff on Chinese EVs in mid-May. Western officials argue that Beijing is supporting industries like EVs to cover domestic economic issues, and then dumping subsidized products overseas. Beijin
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