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14 hours agoCheap Chinese EVs Are Hitting Canada. Is The U.S. Next?
Affordable, advanced Chinese electric vehicles are expanding into North America as Canada cuts tariffs, making U.S. market entry increasingly likely.
The secret to BYD's success is simple: The company makes high-tech electric and hybrid cars and sells them at incredible prices. The tiny BYD Seagull costs as little as $8,000 in China, and it's a megahit in several countries. The Chinese car industry-not just BYD but also its many competitors that also make affordable cars-is quickly taking over the world.
GAC may not ring a bell for many, but it just started building electric cars in the European Union, thanks to a newly announced partnership with Magna, the contract manufacturer that's known for making the Mercedes-Benz G-Class, Jaguar I-Pace and ill-fated Fisker Ocean. That's the same path that Xpeng, another Chinese EV-making rising star, chose earlier this year to kick-start its local manufacturing efforts and skirt those pesky EU tariffs that can take a deep cut out of the profits.