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Home»Stock Market»Reuters Events-US automakers urged to innovate despite tariffs on Chinese rivals By Reuters
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Reuters Events-US automakers urged to innovate despite tariffs on Chinese rivals By Reuters

November 7, 2024No Comments2 Mins Read
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By Nora Eckert and David Shepardson

Leaders from American automakers and their suppliers highlighted at a Reuters event in Detroit the importance of not becoming complacent in the face of tariffs on Chinese competitors that offer short-term relief.

Chinese companies like BYD and others are advancing in the production of low-cost and technologically advanced battery-powered vehicles, outpacing the offerings from the U.S. Auto industry leaders stressed the urgency for American companies to stay competitive.

CEO of electric-vehicle startup Lucid, Peter Rawlinson, emphasized the need for superior tech to compete with China, as matching their efficiency on cost is challenging. While Chinese cars excel in some areas like battery chemistries and autonomous-driving functions, Rawlinson believes that Tesla leads in core EV technology.

Some in the industry appreciate the Biden administration’s aggressive stance on tariffs, although others, like Stellantis CEO Carlos Tavares, have reservations about potential consequences.

Ramiro Gutierrez from ZF’s North America team acknowledged the necessity of aggressive measures against Chinese competitors, citing their faster development pace and consumer focus.

The U.S. government is ramping up efforts to protect the domestic industry, including proposed bans on Chinese connected-car technology and increased tariffs on Chinese imports to safeguard strategic industries.

U.S. Energy Secretary Jennifer Granholm emphasized the importance of government incentives to boost EV and battery production, semiconductor chips, and tariffs on Chinese vehicles to counter foreign competition.

Republican presidential candidate Donald Trump has also vowed to impose tariffs on Chinese automakers exporting vehicles to the U.S. from Mexico.

Danny Shapiro from chipmaker Nvidia highlighted China’s investment in software power for vehicles compared to Detroit’s cost-focused approach. He mentioned Nvidia’s ability to sell to Chinese companies despite U.S. restrictions by designing products to meet requirements.

© Reuters. FILE PHOTO: Lucid Group CEO Peter Rawlinson speaks during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023.  REUTERS/David Swanson/File Photo

automakers Chinese EventsUS Innovate Reuters rivals tariffs urged
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