Le Journal

Les métaux précieux et surtout l'or continuaient à avoir la faveur des investisseurs mardi, alors que la tension monte entre Bruxelles et Washington concernant le Groenland. Le métal jaune a passé pour la première fois le cap de 4700 dollars l'once. Vers 12h30, les 31,1 grammes de précieux métal s'échangeaient en hausse de 1,06% à […]

La Chine et les Etats-Unis ne peuvent que gagner à coopérer, a déclaré le vice-premier ministre chinois He Lifeng mardi au Forum économique mondial (WEF). Il a prôné le multilatéralisme et une ouverture du marché chinois, après avoir rencontré Guy Parmelin plus tôt. L'homme en charge des dossiers économiques a appelé à suivre un chemin […]

La chanteuse bernoise Veronica Fusaro représentera la Suisse en mai à Vienne au 70e Concours Eurovision de la chanson. Agée de 28 ans, l'artiste est une adepte de la pop alternative aux accents soul, accompagnée de guitare. Sa chanson sera dévoilée le 11 mars. Originaire de Thoune (BE), établie à Berne, Veronica Fusaro a été […]

UBS: Will There Be Chinese EVs In America? UBS analyst Joseph Spak asked clients on Sunday: Will there be Chinese cars in the US? Spak pointed to comments from President Trump last week at the Detroit Economic Club, in which he said, "If they want to come in and build a plant and hire you and hire your friends and your neighbors, that's great. I love that. Let China come in, let Japan come in. They are. And they'll be building plants, but they're using our labor." Trump's comments come after Chinese automaker Geely stated at CES in Las Vegas that it could make a major announcement about a U.S. expansion within the next 24 to 36 months. "The big question for us is when and where we will go to the U.S.A.," Ash Sutcliffe, Geely's global communications chief, said in an interview last week at the Autoline Network at CES. This also follows Canada's decision last week to allow up to 49,000 Chinese EVs per year at a low tariff rate. U.S. Trade Representative Jamieson Greer said the decision is "problematic for Canada." "There's a reason why we don't sell a lot of Chinese cars in the ‌United States. It's because we have tariffs ‌to protect American auto workers and Americans from those vehicles," Greer told CNBC on Friday. But Trump's comments suggest that if Geely or BYD Motors were to announce new manufacturing plants in the US, their products would avoid tariffs and be competitively priced with domestic car brands. UBS analyst Spak offered his team's thoughts on Chinese EVs in the US market: Currently, there is a 100% tariff on Chinese EV imports. But of course, this wouldn't be an issue if vehicles are built here. The bigger issue, in our view, is that the US bans Chinese software in vehicles starting in 2027, and then hardware in 2029. We believe that even for Chinese vehicles built in the US, they would want to leverage their software and hardware development. Investors point to the recent rapid rise of Chinese vehicles in Europe, with their December share hitting 18% in the UK and 12% in Spain. For the year, Chinese share in the UK was up to 9.7% (aided by China owned MG brand which has UK heritage) from 4.8% in 2024, Italy 8.1% from 4.7%, Germany remains lower at 2.5%. But of course, this large inflection was aided by imports. And China exports grew meaningfully in 2025, to >1mm units, as they looked for global growth especially as domestic demand slowed and amid high domestic competition. In the US, the Chinese don't have the ability to test the waters or see early gains given exports to the US are tougher. Building factories, supplier parks, dealerships, distribution networks, and service would take some time (though many dealers we have spoken to have indicated they would welcome selling them). Rental/fleet seems like a way the Chinese OEMs could first start to get a foothold in the US and test out the market. So, as has been our belief for a while (we wrote this in 2023), it is likely only a matter of time before the Chinese automakers are in the US, a sentiment others such as Ford CEO Jim Farley have echoed. From Ford's 2Q25 earnings call: "We really see not the global OEMs as a competitive set for our next generation of EVs. We see the Chinese, companies like Geely and BYD." However, because of policy, the US OEMs likely still have a protected window for a number of years. Moreover, in our view, if/when the Chinese come, they are less likely to compete with the D3 bread and butter (and major profit driver) of large pickup trucks and SUVs. These segments have very brand loyal customers and also, for now, are less likely to be electric. Thus, smaller cars and small/midsize CUVs are more likely at risk. These are already competitive segments but also areas where Japanese/Korean brands tend to be more successful as F/GM have pulled out of many of these areas. Chinese autos in the US would also be a headwind for TSLA, RIVN. Further, China seems to be a topic US voters are more aligned on than not, so we wouldn't expect the…