German cars are the best in the world, its finance minister insists: ‘They do not have to fear Chinese competition' [CNBC]
Tesla, Inc. (TSLA)
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Source: CNBC
“German cars are the best cars in the world, doesn't matter if internal combustion engine or electrified vehicle,” he told CNBC's Karen Tso on the sidelines of the IMF Spring Meetings in Washington, D.C., on Thursday. “German car manufacturers are world leading, they do not have to fear Chinese competition,” Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. More and more Chinese companies are making headway when it comes to EVs, and China's BYD has been in close competition with Tesla for the crown of biggest EV maker. China's EV sector has seen substantial growth, sending a large amount of vehicles to other markets that often come at a more accessible price point. This rapid development has raised questions and concerns about China's trade practices and policies in the U.S. and the European Union. U.S. Treasury Secretary Janet Yellen last month warned that China may be using global
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