Ripple cofounder says California should allow Chinese EVs for low-income buyers

Chris Larsen thinks California's low-income drivers should have access to a car they can't legally buy today.

"The BYD Seagull, $10,000 car, fabulous car," he said. "We should be letting that into California, at least for our low-income folks."

Larsen's proposal runs directly against where much of the US auto industry is pushing Washington policymakers. Last week, the Alliance for Automotive Innovation, a trade group representing automakers and suppliers, wrote a public letter urging Congress to "enact a Chinese vehicle, software and hardware ban before adjourning this year and make this policy the law of the land."

Larsen argued instead that some Chinese EVs could help solve one of America's biggest problems on the road: affordability.

High gas prices are particularly pronounced in California, where an excise tax adds more than $0.60 per gallon. Larsen called it the "most regressive tax in the world that's hurting the guy who can't afford to live in Silicon Valley."

Add BI in Google so our reporting is easier to find when you’re searching for what matters.

Larsen didn't immediately respond to a request for comment from Business Insider.