In a recent panel at the World Economic Forum’s “Summer Davos” meeting in Dalian, China, Wan Gang, the man behind China’s electric car strategy, expressed his belief that Chinese investment in the European electric vehicles industry could benefit both sides amid ongoing trade tensions. He highlighted the potential for combining investment with commodity trade as a way to foster collaboration between China and the European Union.
Consultations with the EU
China’s Ministry of Commerce announced over the weekend that it was initiating consultations with the EU in response to the bloc’s probe into subsidies for Chinese electric cars. The EU had previously announced plans to increase tariffs on imports of such vehicles. Wan Gang suggested that Chinese companies could explore opportunities for investment in Europe as a means of creating local jobs and contributing to the growth of the electric vehicles market.
Wan Gang, who played a key role in China’s early foray into electric cars, reflected on the country’s journey towards embracing electric vehicles. He recalled his experiences working in Germany and witnessing the impact of oil price volatility on the automotive industry. Wan emphasized that China’s shift towards electric vehicles was driven by a desire for sustainability and self-reliance, rather than a direct response to international competition.
The Influence of Domestic and International Policies
The dynamics of global trade have played a significant role in shaping China’s electric car strategy. In light of the recent tariffs imposed by the U.S. on Chinese electric car imports, Wan Gang highlighted the need for a balanced approach that supports domestic innovation while promoting international cooperation. He emphasized the importance of addressing concerns such as range anxiety and road safety through technological advancements in the electric vehicle sector.
As new energy vehicles continue to gain traction in China, Wan Gang underscored the need for continued innovation to address key challenges facing the industry. He encouraged electric car makers to focus on enhancing features like automatic charging capabilities and driver-assist technology to improve the overall user experience. With the prospect of increased Chinese investment in the European electric vehicles market, collaboration and innovation are poised to drive the future of sustainable transportation.