China's potential to flood the US market with electric vehicles worries the US, but US incentives can make US-made EVs more affordable, the US energy secretary stated on Wednesday.
At a Washington Axios event, Energy Secretary Jennifer Granholm stated, "We are very concerned about China bigfooting our industry in the United States even as we're building up this incredible backbone of manufacturing."
A growing number of low-cost electric vehicles (EVs) are being produced by Chinese companies, which has caused concern among major American automakers, some of which have recently concentrated on large gasoline-powered sports utility vehicles.
According to Granholm, the United States does not want China's control over the solar panel market to recur.
"Solar technology was invented here ... and was bigfooted and pulled away because there was flooding of the market," Granholm said.
Domestic producers are able to lower the price of EVs through the U.S. Inflation Reduction Act (IRA) and other programmes, according to her. "China is investing massive amounts for the purpose of bigfooting, and so we need to understand that it is important for people to buy electric vehicles in an affordable fashion."
Granholm made reference to an action taken last month by the US Commerce Department to launch an inquiry into the potential threats to national security posed by Chinese auto imports. According to the White House, the investigation is necessary since cars gather a lot of private information about their drivers and passengers as well as frequently record data on US infrastructure using cameras and other sensors.
There is currently a short-term slowdown in the EV sector. Legacy automakers, Tesla, and Rivian were reducing EV investments and changing their product strategy by the end of 2023.
Granholm listed one of the incentives that can assist increase demand: a $4000 credit in the IRA for the purchase of a secondhand electric vehicle.
(Source:www.marketscreener.com)
At a Washington Axios event, Energy Secretary Jennifer Granholm stated, "We are very concerned about China bigfooting our industry in the United States even as we're building up this incredible backbone of manufacturing."
A growing number of low-cost electric vehicles (EVs) are being produced by Chinese companies, which has caused concern among major American automakers, some of which have recently concentrated on large gasoline-powered sports utility vehicles.
According to Granholm, the United States does not want China's control over the solar panel market to recur.
"Solar technology was invented here ... and was bigfooted and pulled away because there was flooding of the market," Granholm said.
Domestic producers are able to lower the price of EVs through the U.S. Inflation Reduction Act (IRA) and other programmes, according to her. "China is investing massive amounts for the purpose of bigfooting, and so we need to understand that it is important for people to buy electric vehicles in an affordable fashion."
Granholm made reference to an action taken last month by the US Commerce Department to launch an inquiry into the potential threats to national security posed by Chinese auto imports. According to the White House, the investigation is necessary since cars gather a lot of private information about their drivers and passengers as well as frequently record data on US infrastructure using cameras and other sensors.
There is currently a short-term slowdown in the EV sector. Legacy automakers, Tesla, and Rivian were reducing EV investments and changing their product strategy by the end of 2023.
Granholm listed one of the incentives that can assist increase demand: a $4000 credit in the IRA for the purchase of a secondhand electric vehicle.
(Source:www.marketscreener.com)
