Takeaways from AP's report on Latin American markets flooded by cheap Chinese goods [Yahoo! Finance]
ING Group, N.V. (ING)
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ing.com/investor-relations.htm
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Source: Yahoo! Finance
Latin America plays a strategically important role for China as Beijing forges closer ties with fast growing markets like Brazil and Chile. Chinese automakers and other manufacturers facing sluggish demand as the economy slows are targeting customers abroad. Mexico, Brazil and Chile are among countries which have rolled out measures to curb some cheap Chinese imports, looking to protect their own industries. Here are the main takeaways from AP's report: Chinese imports flood Latin American markets With prices lower than their competitors thanks to massive government subsidies and support and low production costs, Chinese car brands are zooming into Latin America. More than 80% of the over 61,000 EVs sold in 2024 in Brazil were Chinese brands, predominantly BYD and GWM. In Mexico, sales of Chinese-made cars accounted for about 15% of the domestic market last year, according to a Mexican automotive industry group, a stark contrast to how the U.S. has been keeping Chinese cars
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