Source: South China Morning Post [Hong Kong]
“Brazilian ports have been clogged this year with more than 70,000 unsold Chinese electric vehicles (EV), in a sign of how hard it is becoming for China’s carmakers to keep up their robust growth. Companies such as BYD and Great Wall Motor have global ambitions, and Brazil has become a crucial proving ground with many other large economies turning towards protectionism. The country is the world’s sixth-biggest car market and success there may boost prospects across the region. But after taking Brazil’s nascent EV sector by storm, China’s carmakers are facing increasing challenges. The glut of cars at the ports stems from them trying to avoid new tariffs. Domestic competitors have responded with additional electric options and investment. Plus, the country’s EV growth rate is cooling, like much of the world.” (12/13/24)