BYD and other Chinese manufacturers may lose subsidies in Mexico
$BYD COMPANY(01211.HK$ $Tesla(TSLA.US$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ Under pressure from the US, the Mexican government could stop incentivising Chinese EV manufacturers when building a factory there. BYD will be one of the manufacturers affected by this new policy. Of the Chinese manufacturers, BYD is reportedly considering a plant in Mexico. According to Reuters, the last meeting between Mexican authorities and BYD took place in January. According to insiders, authorities made it clear that they would no longer offer incentives such as those granted to car manufacturers in the past and that future meetings with Chinese car manufacturers would be put on hold.
As the news agency Reuters reports, the move concerns access to low-cost public land or tax breaks for investments in EV production in Mexico. Tesla will likely receive such subsidies for its Giga Mexico in the state of Nuevo Leon. Audi’s plant in San José Chiappas and BMW’s plant in San Luis Potosí probably profited from them as well.
My Take: I shared this article because someone posted about the BYD EV maker planning to build a factory in Mexico to compete with the Tesla Mexico Gigafactory and will soon export cheaper EV (than Tesla) to the US. Look like BYD face another setback. You can read BYD and 2 more Chinese EV makers may be facing tariffs from EU because they fail to provide sufficient information here:
BYD, SAIC & Geely Failed to Give sufficient info for EU Anti-subsidy Investigation
BYD, SAIC & Geely Failed to Give sufficient info for EU Anti-subsidy Investigation
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
2649Followers
85Following
11KVisitors
Follow
UNO Wild Card : As usual pantsy ass US govt style of bullying.
103484522 : just dnt sell to USA,let them buy expensive ev
Winner takes all 103484522 : agreed, stop them from steal Chinese tech
ZnWC OP UNO Wild Card : China government has given subsidies to BYD so it is a fair play.
China gives EV sector billions of yuan in subsidies. CATL, SAIC Motor and BYD Topped.
https://www.moomoo.com/community/feed/111446314582022?share_code=00WnAA
ZnWC OP Winner takes all : To be fair, everyone is "copying". Only good tech inspires others to "copy".
A Chinese Copy Of The Cybertruck?
https://www.moomoo.com/community/feed/112353269972998?share_code=00WnN3
ZnWC OP 103484522 : You can buy less costly Tesla EV because of $7,500 tax incentive. BYD and other Chinese EV cannot compete because they are not qualified.
Tesla new Model 3 Performance qualifies for full $7,500 EV tax credit
https://www.moomoo.com/community/feed/112321555791878?share_code=00WnQp
8888-8888 : The US is bunch of cheats
ZnWC OP 8888-8888 : Is this consider cheating too?
A Chinese Copy Of The Cybertruck?
https://www.moomoo.com/community/feed/112353269972998?share_code=00WnN3
uhvv vgcc : OK
Winner takes all ZnWC OP : said by america? then consider it as bullshit, period, fake government, failed nation.
View more comments...