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Australia is showing us what happens when Tesla-beating BYD faces no tariffs and is free to grow
BY STEVE MOLLMAN
March 7, 2024
https://fortune.com/2024/03/07/byd-e...na-automotive/
Same news/info from Reuters
BYD spearheads Chinese electric car push in Australia, a friendlier market
By Stella Qiu
March 7, 2024
SYDNEY, March 6 (Reuters) - BYD (002594.SZ), opens new tab and other Chinese automakers are bringing new electric car models in droves to Australia, a market where they haven't faced trade barriers and sales have surged due to EV subsidies and tax benefits as well as high gasoline prices.
Since coming to power in 2022, Prime Minister Anthony Albanese's government has aggressively promoted EV adoption as part of the country's plans to cut down on emissions - a change that came after a decade of weak climate action under conservative leaders.
That's created a powerful tailwind for electric car demand. EVs accounted for 7.2% of Australian new car sales in 2023, up from 3.1% a year earlier.
While Tesla (TSLA.O), opens new tab too is greatly benefiting, it is the Chinese manufacturers in the non-premium end of the market which pose the biggest threat to incumbent automakers like Toyota (7203.T), opens new tab and Ford (F.N), opens new tab whose wide line-ups of gasoline-engine cars mean they have more to lose.
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https://www.reuters.com/business/aut...et-2024-03-05/