The Senator's call for a ban on Chinese EVs follows Treasury Secretary Janet Yellen's trip to China where she spoke with government officials regarding government subsidies and other trade policies. The talks were reportedly intensive and ongoing.
Xiaomi breaks into the China EV scene in direct competition with Tesla cnbc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnbc.com Daily Mail and Mail on Sunday newspapers.
Last month, when Tesla (TSLA) reported weaker profits and hurt by price-cutting, it re-ignited the electric vehicle sell-off. This accelerated last week when both Rivian Automotive (RIVN) and Lucid Motors (LCID) cut their production forecast for 2024.
RIVN .