Chinese retaliation begins: largest Chinese battery company stops investments in the US
Contemporary Amperex Technology Ltd. (CATL), the largest manufacturer of electric vehicle batteries and supplier of, among others, Tesla, is postponing the announcement of a multi-billion dollar investment in North America, following the tightening of US-China relations for Nancy Pelosi's visit to Taiwan.
CATL was poised to announce plans to build an EV battery manufacturing site in North America, but has now postponed the announcement, Bloomberg reported with knowledge of the developments.
After days of speculation, the US House Speaker traveled to Taiwan on Tuesday, on the occasion of the US's highest-level visit to Taiwan in the past 25 years. China, which claims Taiwan, criticized the visit, saying it “has a serious impact on the political foundations of China-US relations and grossly violates China's sovereignty and territorial integrity. It severely undermines peace and stability across the Taiwan Strait and sends a grossly wrong signal to the separatist forces for "Taiwan independence".
"China strongly opposes and severely condemns this behavior, and has presented a serious initiative and a strong protest to the United States," the Chinese Foreign Ministry said Tuesday.
Following the new deterioration in relations between the United States and China, CATL would now be giving up on the announcement. CATL is based in Fujian, across the Taiwan Strait.
The Chinese battery-making company was in an advanced stage of discussion on the site and considered sites in the United States and at least two others in Mexico, near Texas. The initial plan was for the announcement in the coming weeks, but CATL will likely wait until next month or October due to concerns over US-China relations following Pelosi's visit to Taiwan, Bloomberg sources said.
Pelosi's trip to Taiwan included meetings with leaders and was greeted Wednesday with another reproachful statement from China, whose Foreign Minister Wang Yi said that "those who play with fire will not do well. end and those who offend China will be punished, ”according to the BBC.
"The United States is violating China's sovereignty under the guise of so-called democracy," added the Chinese minister.
. (CATL), the largest manufacturer of electric vehicle batteries and supplier of, among others, Tesla, is postponing the announcement of a multi-billion dollar investment in North America as US-China relations have further tightened with the visit of the Speaker of the House Nancy Pelosi to Taiwan.
CATL was ready to announce plans for an EV battery manufacturing site in North America, but has now postponed the announcement, sources familiar with the developments told Bloomberg. So China really intends to make the US pay for the diplomatic rudeness, but not so much in a military way, as in an economic one. Thanks to hairy now hundreds of millions of investments in the USA are frozen…
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The article Chinese retaliation begins: the largest Chinese battery company interrupts investments in the US comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/iniziano-le-ritorsioni-cinesi-la-piu-grande-azienda-cinese-di-batterie-interrompe-investimenti-negli-usa/ on Wed, 03 Aug 2022 16:18:04 +0000.