Musk expresses disapproval around US tariffs on Chinese EVs
Date
5/26/2024 9:44:13 AM
(MENAFN) Elon Musk, the CEO of Tesla, has voiced his disapproval of the imposition of tariffs by the United States on Chinese electric vehicles (EVs).
"Neither Tesla nor I asked for these tariffs," Musk made the statement on Thursday while responding to audience queries via video link at VivaTech, which is an annual technology conference focused on innovation and startups held in Paris.
"In fact, I was surprised when they (the tariffs) were announced," Musk expressed this view when questioned about the Biden administration's choice to elevate tariffs on imported electric vehicles (EVs) from China to 100 percent.
"Tesla competes quite well in the Chinese market, with no tariffs and no deferential support. In general, I am in favor of no tariffs," he pointed out. "Things that inhibit freedom of exchange or distort the market are not good."
On Thursday, Tesla initiated construction on a large-scale factory in Shanghai dedicated to producing its energy-storage batteries, known as Megapacks. Described by the company as a significant milestone, this project marks a pivotal step forward in Tesla's endeavors.
This mega factory represents Tesla's inaugural venture of its kind outside the United States and constitutes the company's second facility in Shanghai, following the establishment of its gigafactory in 2019. The gigafactory, initiated with an initial investment exceeding 50 billion yuan (approximately 7 billion U.S. dollars), laid the groundwork for Tesla's expansion in the region.
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