The Catalan 'unicorn' that dodges Trump's tariffs

US President Donald Trump has suspended the so-called reciprocal tariffs for 90 days. These tariffs have revolutionized the markets in recent days and have also triggered alarm bells for many Catalan companies that have part of their market in the United States. But there are companies that are not suffering excessively from Donald Trump's tariffs. Among them, one of those that has become unicorn (companies valued at over €1 billion), Wallbox, which manufactures electric car chargers.

Why isn't Wallbox suffering as much from tariffs? The key lies in Arlington, Texas, where the company led by Enric Asunción built a factory that began production in 2022. Back then, the looming potential of tariffs didn't loom. The decision to invest in a plant in the United States was made for business reasons: to be close to a large market with significant growth potential. This is explained by Douglas Alfaro, who is currently the director of business development, but who previously led the US market. "In those years, the electric car market was growing in that country at rates of between 60% and 80%," explains theCompanies.

Since the company's Texas plant opened in 2022, more than 100,000 units of electric vehicle chargers from the Pulsar family, one of the company's charger lines, have already been produced. "Having a manufacturing plant in the United States allows us to respond more quickly to customer needs and accelerate the transition to electric mobility throughout the country," explains Asunción.

Few competitors

There are other advantages, says Douglas Alfaro. The plant has 12,000 square meters. It has the capacity to grow with new products. It also has sufficient warehouse space to store products and components arriving from Spain or other countries, which can allow it to hold up for months without being impacted by potential tariffs. The Arlington facility is prepared for long-term growth, with additional capacity and infrastructure to support increased production as demand for electric vehicle charging continues to grow, says the company, which reaffirms its long-term strategy in the United States.

Alfaro acknowledges that, if tariffs are ultimately imposed, they may slightly affect the price of the Pulsar family produced in the United States, as some components come from other countries, such as Canada or Mexico. But it is a small percentage of the charger. Furthermore, having a manufacturing plant in the United States has another advantage. There are fewer competitors in that market than in Europe and Asia. And manufacturers from the Old Continent or the Asian giant now face two barriers: if tariffs go into effect, their products will not be competitive in the US, and if they want to make a productive investment—some are just starting to set up their factories—it will still take some time to put their products on sale.

For Wallbox, the US market is quite important. It represents between 25% and 30% of its business, growing in home chargers and also in faster chargers for installation in shopping centers, apartment complexes, or office buildings. Being present in the United States with manufacturing, but also with their own network of suppliers and their own sales and commercial force, "gives them a lot of confidence and some advantages," says Douglas Alfaro.

Expected growth

The Pulsar line is manufactured at the US plant, but the company is selling other lines of fast chargers in that country, such as the Supernova and the bidirectional Quasar 2, which are now being shipped from Spain. The Quasar 2 is especially interesting for the US market, says Alfaro, because the electrical grid is vulnerable to failures caused by snow, hurricanes, and other inclement weather, and this charger allows for energy storage (for example, from rooftop photovoltaics) and, when necessary, transferring it to the home itself. Although These models are now shipped from SpainIn the future, if the market grows sufficiently and there is too much criticism, they would be manufactured at the Arlington plant and, therefore, would also avoid the impact of possible tariffs.

At the company, however, it is not all joy. In 2024, revenue grew 14% compared to the previous year, to 163.9 million euros, according to the results presented by the company, listed in the United StatesHowever, it recorded losses of €131.5 million (17% more than the previous year) and had to cut its workforce by 35%, with around 300 layoffs. The cause was primarily the weakness of the electric car market. In the United States, Douglas Alonso acknowledges, federal aid for electric cars has been reduced to a minimum. But he asserts that depending on the location, there is state, local, and even electric company aid, which partly makes up for the lack of support from the Washington government.