President Biden quadrupled tariffs on Chinese-made EVs. The catch? Hardly any Americans are buying these cars anyway.
Nio prepares to launch its first mass-market car on Wednesday as Chinese EV startups downshift prices in a hunt for growth. Nio stock jumped again on Tuesday. The Onvo L60 SUV will be cheaper than the Tesla Model Y that it's challenging in the RMB 250,000 ($34,565) segment, Nio CEO William Li has said.
Companies such as Xpeng, Li Auto, and NIO don’t sell cars in the U.S. and aren’t likely to soon. An existing 25% tariff is enough to wipe out any potential profits.