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Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesMEXICO CITY - Mexico's federal government, under pressure from the U.S., is keeping Chinese automakers at arm's length by refusing to offer such incentives as low-cost public land or tax cuts for investment in EV production, three Mexican officials familiar with the matter said.
Reuters was not able to ascertain which Chinese automakers have requested meetings since. Mexican government officials typically do not disclose subsidies given to the companies for plants. U.S. Trade Representative Katherine Tai said on Wednesday the U.S. must take decisive action to protect EVs from subsidized Chinese competition.Mexico, Latin America's second-largest economy, is caught in the crossfire between the world's two biggest economies and car markets.
In order to avoid U.S. tariffs, goods must have a certain percentage of regional assembly and components, varying depending on the product and the sector. At least 75% of core vehicle parts - like engine or transmission - must be originated in the North American region.In late February, BYD insisted that any factory in Mexico would serve the local market and not ship to the U.S. But many industry officials are skeptical.
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