Xpeng still committed to Europe despite looming tariffs
Xpeng’s President recently confirmed that the Chinese automaker is committed to Europe despite the EU’s recently approved tariffs on China-made electric vehicle (EV) imports.
“Our plan for Europe is a very long-term one,” Xpeng’s Vice Chairman and Co-President Brian Gu told CNBC.
Gu noted that Europe’s tariffs on China-made EV imports have put “a lot of pressure” on Xpeng. However, the EV automaker has a “long-term focus” Europe and aims to “find every possible way to address and make ourselves competitive.
The Vice Chairman of Xpeng did not detail how the company plans to deal with Europe’s tariffs. He did not confirm or deny if Xpeng was preparing to pass tariff costs on to customers. Gu stated that Xpend is looking into several areas for the best possible solution.
Gu did hint that Xpeng is considering local production, like many other Chinese EV automakers.
“Having local manufacturing capabilities is something a company with a long-term plan and a long-term vision has to do. It’s not because of tariffs, its not because of short-term policy changes,” he said.
The majority of EU members states voted in favor of the tariffs on China-made EV imports. Recent reports suggest that the tariff rates imposed will reach a maximum of 45%. A few companies, like Tesla and BYD, will receive individual tariff rates, based on how much their manufacturing processes rely on subsidies from the Chinese government. Tesla Giga Shanghai’s most recent rate was reportedly around 7%.
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The post Xpeng still committed to Europe despite looming tariffs appeared first on TESLARATI.
Source: https://www.teslarati.com/xpengy-europe-tariffs/
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