Lutnick Shuts Down Talk of Any Chinese Investment in US Autos

Commerce Secretary Howard Lutnick ruled out the possibility of Chinese investment in the US auto industry, saying there’s no need for companies like electric carmaker BYD Co. in America.

When asked during a fireside chat at a Semafor event in Washington on Friday whether a joint-venture factory by BYD was on the table, the commerce secretary gave a one-word answer — “no” — drawing laughter from the audience.

Lutnick later elaborated on the sidelines of the same event, noting the moderator’s question had specifically mentioned BYD. “We’re not going to have them here,” he told Bloomberg News.

Howard Lutnick at the Semafor World Economy Summit in Washington on April 17.

Photographer: Aaron Schwartz/Bloomberg

When pressed ...