Investing in Europe is a way forward for China's EV architect.
- The Ministry of Commerce in China announced it would be holding talks with the EU regarding their investigation into the impact of subsidies on Chinese electric vehicles.
- Wan Gang, president of the China Association for Science and Technology, stated that he believes the governments of China and the EU are currently considering how they can combine investment and commodity trade through negotiations.
- China's minister of Science and Technology around 2007, Wan, is renowned for driving the country's initial foray into electric vehicles.
On Wednesday, the man who led China's electric car strategy stated that Chinese investment in the European electric vehicles industry could be a solution for both sides amid trade tensions.
Wan Gang, president of the China Association for Science and Technology, stated that he believes the governments of China and the EU are currently considering how, through negotiations, they can combine investment with commodity trade.
During a livestream of a panel at the World Economic Forum's "Summer Davos" meeting in Dalian, China, Wan spoke through an official English translation. However, spokespersons for China's foreign ministry and the European Commission were not immediately reachable when contacted by CNBC.
The Ministry of Commerce in China announced that it will hold talks with the EU regarding the investigation into the impact of subsidies on Chinese electric cars. Earlier this month, the EU stated that it would impose higher tariffs on the import of these vehicles.
Although we are not exporting a significant number of EVs, perhaps Chinese companies can consider investing in Europe, as this could create local jobs, according to Wan.
China's minister of Science and Technology around 2007, Wan, is renowned for driving the country's initial foray into electric vehicles.
He stated that he had worked in Germany for approximately 15 years prior to China's entry into the World Trade Organization in 2001, and he had experienced several periods of oil price fluctuations.
The Chinese government set a goal in 2001 to develop a "moderately prosperous society," which would mean every family would soon have their own car.
At the time, Wan estimated that fuel-powered vehicles would put pressure on Beijing to ensure a stable supply of gas for consumers, but pollution would also increase.
He asserted that China's electric car strategy was not aimed at competing with others, but rather focused on ensuring its own survival.
This year, the U.S. increased tariffs on Chinese electric car imports due to increasing criticism of Beijing's policy that favors domestic players over foreign companies.
In the early 2000s, Wan was tasked by China to focus on electric car research after being asked to return from Germany. By 2010, Chinese cities were grappling with severe air pollution, which spurred a local initiative to transition to electric vehicles, beginning with buses and taxis.
In China, more than a third of new passenger cars sold this year belong to the category of energy vehicles, which encompasses battery and hybrid-powered cars, according to data from the local passenger association.
Electric car manufacturers must take steps to alleviate drivers' range anxiety, such as automatically charging vehicles when and where necessary, and enhance road safety through driver-assist technology, according to Wan.
He stated that the trend towards electric cars is irreversible and that we must remain committed to moving forward, regardless of any obstacles.
China Economy
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