Report: US EV Manufacturing Faces ‘Extinction-Level Event'

An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors. The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive. The report says China uses Mexico's trade relationship with the United States to avoid high tariffs. The Institute for Energy Research says BYD will dodge a 27.5% tariff from China by building a factory in Mexico where tariffs are 2.5%.