| | BYDDY, XPEV, NIO: Chinese EV Makers in Focus as Canada, China Strike Tariff Deal
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Chinese electric-vehicle makers such as BYD BYDDY +3.55%, XPeng XPEV +1.46%, and Nio NIO +1.08% may be gearing up for a boost. On Friday, Canada and China reset their diplomatic ties, agreeing to an early tariff cut on electric vehicles.
Mark Carney, Canada’s prime minister, on Friday said his administration will impose a 6.1% tariff on EVs from China, allowing up to 49,000 units into the North American country. This marks a dramatic turnaround from the 100% tariffs imposed on the Asian giant by Justin Trudeau, Canada’s former prime minister, in 2024.
The arrangement suggests that Canada — which counts the U.S. as its largest trading partner, followed by China — may be seeking other strategic alignments, even as diplomatic relations with Washington have come under strain recently. In May 2024, the U.S., under former President Joe Biden, imposed a 100% tariff on Chinese EV imports, with the duty coming into effect that same year.
Chinese EV Makers Make Inroads Abroad
The development comes even as Chinese EV makers — despite facing a saturated market and price wars back home — have continued to boost their delivery numbers, especially by penetrating European markets where American EV giant Tesla TSLA +0.36% ? is struggling to remain on its feet.
In 2025, BYD sold 2.2 million battery-electric vehicles globally, beating Tesla to become the leader in that category for the first time. In comparison, Tesla delivered 1.64 million vehicles in 2025, marking a 9% year-over-year decline.
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