European car makers - why so dirt cheap?

Do you think, the China trade tarrifs news is overplayed? Afterall, with BYD, Nio already having major market shares (in China), these companies never stood a chance to compete in EV segment there anyway.
Secondly, luxury is immune to tarrifs, because a price hike for the end consumer only increases the appeal of the product.
The valuations below are quite rare. Time to buy like no tomorrow? Good contra-bet?