By XU Ning
The Biden administration on Wednesday issued rules on its national electric vehicle charger network that require all the chargers to be built in the United States henceforth, and with 55 percent of their cost coming from US-made components by 2024.
The White House also announced new standards for a national EV charging network of 500,000 chargers by 2030. Tit plans to spend US$7.5 billion (52 billion yuan) in federal funds to support the effort.
Following the announcement, Chinese EV charger makers saw their shares plummet. Though most don’t do business in North America, almost all of them hope to.
Hangzhou Sunrise Technology’s shares went down 15.85 percent on Thursday and 7.71 percent further on Friday. Shenzhen Autel and Kelin Electric both saw their shares down more than 10 percent. Shenzhen Sinexcel, Guangdong Senssun, Jilin Jinguan and Qingdao TGOOD Electric all dropped.
Hangzhou Sunrise makes various chargers and its products have been approved in North America and Europe. It works with several original equipment manufacturers in the US to produce chargers. The company said it has no plan to set up plants in the US so the new rules won’t affect the company much.
Shenzhen Autel s started selling chargers last year, all of them to foreign markets, mostly to Europe. Kelin Electric, on the other hand, said chargers are not the company’s major business.
Shenzhen Sinexcel has the domestic market as its main domain, but it is promoting businesses in the US. Guangdong Senssun and Jilin Jinguan have not yet made any profit overseas. Qingdao TGOOD Electric’s clients are in Southeast Asia and Russia.
