Chinese EV Makers Nio and Xpeng Challenge Tesla in Europe Amid Tariffs and Subsidy Investigations from small gal Watch Video

⏲ Duration: 0:45
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✓ Published: 25-May-2024

Description:
Chinese electric vehicle makers Nio and Xpeng have recently expanded into Europe, with Nio opening a showroom in Amsterdam and Xpeng launching two SUV models in France. This expansion comes as the European Union investigates subsidies given to Chinese EV makers, which could result in tariffs on Chinese EV imports into Europe. The US already imposed a 100% tariff on Chinese EV imports this week. Chinese EV startups aggressively expand overseas to challenge Tesla internationally and gain an early lead over traditional automakers. The low prices of Chinese EVs, like BYD's $10,000 small electric car, concern European automakers who may struggle to match those prices.