this post was submitted on 14 May 2024
33 points (100.0% liked)
Europe
8484 readers
1 users here now
News/Interesting Stories/Beautiful Pictures from Europe 🇪🇺
(Current banner: Thunder mountain, Germany, 🇩🇪 ) Feel free to post submissions for banner pictures
Rules
(This list is obviously incomplete, but it will get expanded when necessary)
- Be nice to each other (e.g. No direct insults against each other);
- No racism, antisemitism, dehumanisation of minorities or glorification of National Socialism allowed;
- No posts linking to mis-information funded by foreign states or billionaires.
Also check out !yurop@lemm.ee
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
Carlos Tavares, the Stellantis chief executive, said the move would allow it to profit from the wave of Chinese cars coming to Europe, and strongly decried protectionism as the US launched steep tariffs to protect its own industry.
Biden on Tuesday announced a 100% tariff on Chinese-made electric vehicles, in a move designed to protect the US industry, which is lagging behind China and Europe.
European and US carmakers are scrambling to catch up with China’s host of EV makers, which often benefit from direct government support, cheaper labour costs and the country’s dominance of global battery supply chains.
Tavares portrayed the deal with Leapmotor – which is likely to accelerate China’s surging battery vehicle sales – as a pragmatic and “opportunistic” move to profit from the rise of Chinese manufacturers.
Stellantis also owns big US brands including Chrysler, Jeep and Dodge, but Tavares strongly opposed Biden’s measures to protect US manufacturers.
The partnership will expand Leapmotor sales to India and the Asia Pacific region, the Middle East and Africa, and South America starting in the fourth quarter of 2024.
The original article contains 463 words, the summary contains 180 words. Saved 61%. I'm a bot and I'm open source!