King Felipe concluded his state visit to China, supporting the presence of Spanish companies in the Asian giant and fostering collaboration with local firms in key industries like the automotive sector.
During his visit, the King toured the facilities of the Spanish company Gestamp in southeastern Beijing. Francisco J. Riberas, Executive President of Gestamp, stated: «China is today the center of the automobile at a global level», backing up this assertion with «data that speaks for itself». In 2000, China accounted for 3% of global automobile production; today, it represents 33%, rising to 67% in the electric vehicle segment.
Gestamp, the second-largest European manufacturer of automotive metal components, has been present in China since 2007. Initially, it supplied primarily to international automakers, but this space is increasingly being taken over by Chinese electric vehicle companies like BYD, Xiaomi, and Li Auto.
«We chose Spain for many factors,» explained Pan Jian, co-president of CATL, on Tuesday. This company, the world's leader in lithium-ion battery production, along with its partner Stellantis, will begin construction of a plant in Figueruelas, Aragon, in the coming weeks.
The rise of Chinese electric vehicles is not without controversy. In September 2023, President of the European Commission Ursula von der Leyen denounced that «global markets are flooded with cheaper [Chinese] electric cars, and their price is kept artificially low by enormous state subsidies.» This led the EU to impose tariffs, which prompted an immediate retaliation from China, targeting several European products, the first being pork, for which Spain is the main supplier.
Following the visit of Prime Minister Pedro Sánchez to China last September, Spain shifted its position from supporting the EU tariffs to abstaining. Minister of Economy Carlos Cuerpo has expressed confidence in the possibility of reaching an agreement in the form of minimum prices.
The King's visit also included the closing of the Spain-China Business Advisory Council, where he emphasized «predictability, stability, and sustainability» as «three basic principles that should govern our relations». The tour concluded with the presentation of an electric vehicle with autonomous functions from the brand BAIC, which piqued King Felipe's interest, leading him to even take a seat at the wheel.
