Geely to ship Lotus EVs to Canada under China trade deal – report
Yahoo Finance ·
Geely will begin shipping Lotus-branded electric vehicles (EVs) to Canada next month under a new bilateral trade deal with China. China’s ambassador to Canada, Wang Di, confirmed the shipment to Reuters , describing it as the first delivery of Chinese-manufactured cars under an arrangement permitting up to 49,000 Chinese EVs annually into the country at reduced tariff rates. Reports Electric Vehicles Market Analysis by Region, Propulsion Type (BEV, ... Reports Automotive Megatrends and Market Analysis by Technology and Key Player The gold standard of business intelligence. Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms. “Geely EVs will be arriving in Canada next month and they will be holding a ceremony when the cars are delivered in Montreal”, Wang said. Other Chinese manufacturers, including Chery and BYD, are still working through Canadian regulatory requirements. BYD executive vice president Stella Li has indicated the company is unlikely to begin sales before next year. US-based Tesla has separately been importing China-assembled vehicles into Canada through pre-existing arrangements. Wang expressed hope that rival Chinese brands would follow soon. “I hope in autumn this year, the truly, genuinely other Chinese brand EVs will complete the procedures and get into the Canadian market”, he said. The EV agreement forms part of a broader trade realignment as Canada moves to reduce its economic dependence on the US. Canadian Prime Minister Mark Carney set a target in January of growing exports to China by 50% by 2030, though Chinese Foreign Affairs Minister Wang Yi suggested last month the figure could double. Ambassador Wang said Canadian exports to China have already climbed 27.5% in the five months following Carney’s January visit and hinted the eventual increase could reach 200%. On commodities, Wang said Canada could increase yearly crude oil shipments to China to as much as 22 million metric tonnes, up from 15.5 million last year. He also referred to further potential in liquefied natural gas, canola, peas and beef, adding that Canada currently represents 2% of China’s agricultural imports in those sectors. Trade duties remain mixed. China lowered tariffs on some Canadian goods in March but kept 100% tariffs on canola oil and 25% on pork. Reductions covering canola meal, peas and lobster are set to expire at the end of the year. Just Auto has contacted Lotus Group and Canada’s Global Affairs department for comment.
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