Americans Crave Low-Cost Chinese EVs
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Across social media, influencers are hawking Chinese car brands like BYD, Xiaomi and Zeekr with luxury features, state-of-the-art tech and affordable prices. But they’re forbidden fruit for inflation-weary Americans who can’t have them just yet. The US imposed a 100% tariff on Chinese electric vehicles in 2024, and followed up with a ban on imports of cars with software and hardware made by rivals like China and Russia, citing national security. That’s frustrating for Americans who’ve seen the average new-car price rise 26% since 2020 to almost $49,353 in February. Used-car prices have climbed, too, to $25,533 on average in January. As more countries across the world open their market to Chinese cars, will the US soon follow suit? Learn more: TikTok Makes Americans Want Chinese EVs They Can’t Have: https://bloom.bg/4vKogt6 Watch more mini documentaries from Bloomberg: https://www.youtube.com/playlist?list=PLGaYlBJIOoa_EzzMpticURNR29AiQi10v Like this video? Subscribe and turn on no
Tags: finance, news, Bloomberg, business, economy, us, ev, evs, china, electric vehicles, china EVs, chinese EVs, china electric vehicles, BYD, Xiaomi, zeekr, automobiles, electric cars, tariffs, US tariffs
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