Nearly 900 Chinese auto suppliers and a handful of electric vehicle makers are taking part in a trade fair in Frankfurt as the country’s car sector defies looming trading barriers to expand its global presence and counter sinking profits at home. Chinese carmakers including BYD (002594.SZ) , opens new tab, Geely(GEELY.UL), Hongqi and GAC International were set to display their vehicles at the fair, called Automechanika, as an added feature to the event which normally focuses on suppliers.
“Even if some in Europe turn against us, we will never turn against the European market,” said Victor Yang, senior vice-president at Geely, the only carmaker to host a press conference at the fair. Geely, which according to Yang sold around 200,000 cars in Europe in the first half of this year, will face tariffs of up to 19.3% on its China-made EVs under current plans by the European Commission, which the company has previously described as “disappointing”.
“Our industry can only be stronger when we work together and cooperate,” Yang said. China’s auto sector is investing heavily in overseas expansion even as Europe and North America erect trade barriers to stem the inflow of China-made EVs they say benefit from unfair subsidies. The so-called “EV Expo”, which opens on Tuesday, was set up in partnership with the China Council for the Promotion of International Trade, an added feature to the event usually focused on suppliers.