BYD (HKG:1211, SHE:002594) criticized the European Union's proposed tariffs on Chinese-made electric vehicles, saying it will affect costs, Reuters reported Monday.
"Politicians should stay away from tariffs, adding more cost to auto manufacturing and confusing the auto industry," Reuters reported, citing Executive Vice President Stella Li.
BYD also said it will produce car parts in Europe to help stave off the effects of the tariffs, according to Reuters.
The electric vehicle manufacturer plans to produce the cars and battery packs in Hungary and Turkey. Only the battery cells will be imported from China, the report said, citing Li.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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