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Report: Mexico Ceases Giving Incentives to BYD, Other CN Carmakers under US Pressure
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Under pressure from the United States, Mexico's federal government will keep a distance from Chinese electric vehicle firms and refuse to offer them incentives such as low-cost public land or tax breaks, Reuters reported, citing Mexican officials. The last meeting between senior Mexican officials and Chinese EV companies was in January, when they met with top executives from BYD COMPANY (01211.HK), the sources said. At the meeting, Mexican officials made it clear that they would not offer incentives to the carmaker as they had in the past, and that they would suspend any future meetings with Chinese automakers. A White House spokesman said President Joe Biden would not allow the market to be flooded with Chinese cars that pose a threat to national security. There are currently about 20 Chinese automakers selling cars in Mexico, but they have yet to set up factories there. It is rumoured that BYD is currently seeking incentives from the state governments of Mexico, although it is believed that the benefits of scale will be far less than those offered by the Mexican federal government. AAStocks Financial News |
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