Automotive News Europe — 2024-05-06
Automotive Industry
Finance Minister Bruno Le Maire said BYD and the Chinese auto industry "are very welcome in France."
France would welcome China's electric vehicle giant BYD if the company should it decide wanted to open a factory in the country, Finance Minister Bruno Le Maire said.
"France welcomes all industrial projects. BYD and the Chinese auto industry are very welcome in France," Le Maire said at a meeting with car sector executives on Monday, 6 May 2024.
Le Maire mentioned Toyota's French factory as an example of how France welcomes foreign investment.
He spoke as China's President Xi Jinping was on a rare state visit in Paris.
Xi was in Europe for the first time in five years, at a time of growing business tensions and fears that China could flood Europe with cheap Chinese EVs.
BYD's first passenger car plant in Europe is scheduled to start production in Hungary at the beginning of 2026. The factory will have an initial annual capacity of 150,000 cars that could be expanded to 300,000.
China's automakers are looking to boost production in Europe as the European Union considers raising the current 10% import tariff on Chinese vehicle imports to a punitive level.
The EU has launched an investigation into subsidies for Chinese EVs that could see new tariffs introduced by July 2024.
Chery Auto plans to start building cars from its Omoda brand at Nissan's former factory in Barcelona in 2024.
Leapmotor, which is 21% owned by Stellantis, is looking at options to build its cars in one of Stellantis's European plants.