(Angus Whitley & Enda Curran – Bloomberg)
Less than a week into President Donald Trump’s trade war with China, global automakers have shown there are ways to bypass the battle – and scoring a win for Beijing in the process.
Tesla Inc. and BMW AG are among the biggest potential losers from Beijing’s retaliatory tariffs on car imports from the U.S. because much of their production is centered in America. They’re now doubling down in China: this week, Tesla announced its first factory outside the U.S. while BMW is poised to become the first foreign manufacturer to own majority control of a Chinese automobile venture. Cars made locally by foreign brands will dodge import levies.
While those deals have taken months – if not longer – to come together, the investments by Munich-based BMW and Palo Alto, California-based Tesla back up Beijing’s claim to be continually opening up its economy and help rebut allegations of protectionism by the Trump administration. Click here to read more.
- China’s MOC Issues Statement on U.S. Section 301 Investigation (Xinhua)
- The Trade War With China Begins As Tesla Forced To Ramp Up Prices (Car Buzz)
- Tesla Chief Elon Musk Full of Praise For Chinese ‘Energy and Vigour’ (SCMP)
- BMW Increasing Production in China, Raising Prices on SC-Made SUVs in Response to Tariffs (Post & Courier)