US Commerce Secretary Gina Raimondo stated that there is no possibility for Chinese capital to invest in the US automotive industry, and said that the US does not need electric vehicle companies like BYD to enter its domestic market.
According to Bloomberg, when asked whether it is possible for BYD to set up a joint venture factory, Raimondo simply replied, “No,” which prompted laughter at the scene. She then added, “The United States will not let BYD in.”
When pressed on whether other Chinese companies might invest in the US, Raimondo emphasized: “Not in automobiles.”
However, former US President Trump had previously held an open attitude toward Chinese investment in the US auto industry. Earlier this year in Detroit, Trump said that if Chinese automakers were willing to build factories in the US, “I would be very welcoming.”
Currently, the US imposes a 100% tariff on electric vehicles made in China, which has already kept companies like BYD and Xiaomi Group out of the US market.