Tesla, BMW score a win for China
Less than a week into President Donald Trump’s trade war with China, global automakers have shown there are ways to bypass the battle and scoring a win for Beijing in the process.
Tesla and BMW are among the biggest potential losers from Beijing’s retaliatory tariffs on car imports from the US because much of their production is centered in America. They’re now doubling down in China: this week, Tesla announced its first factory outside the US while BMW is poised to become the first foreign manufacturer to own majority control of a Chinese automobile venture. Cars made locally by foreign brands will dodge import levies.
While those deals have taken months — if not longer — to come together, the investments by Munichbased BMW and Palo Alto, California-based Tesla back up Beijing’s claim to be continually opening up its economy.