The Chinese government and the nation’s electric vehicle (EV) manufacturers believe Hong Kong is a good launch pad and testing ground for their efforts to go global, as the industry faces barriers to entering key overseas markets like the US and European Union (EU).
The China Association of Automobile Manufacturers (CAAM) hosted its first automotive industry supply chain summit in Hong Kong on Wednesday, which attracted dozens of EV makers and government officials to discuss how Hong Kong can help carmakers from the mainland expand overseas.
Chinese carmakers face a series of challenges when developing their businesses overseas, including in trade coordination, complying with international standards, brand promotion, after-sales service and dealing with financial services, according to Fu Bingfeng, CAAM’s secretary general.
“Hong Kong as an international finance centre, trade centre, and innovation centre has its natural advantages and can play a crucial role in supporting Chinese enterprises’ path to globalisation,” he said.
“It can act as a two-way gateway for Chinese EV makers to go overseas and bring in new technologies.”
EV makers in China are seeking to globalise amid cutthroat competition at home, strong sales and production momentum and overseas trade curbs. In August, the Biden administration raised the tariff rate on Chinese EVs to 100 per cent from 25 per cent. Last month, the EU raised tariffs on Chinese EVs to as high as 45.3 per cent.
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