IMO, it is likely that the EU, in the next fortnight, will introduce harsh tariffs on EV's made in China.
Indirectly, this EU move will, eventually, lead to more demand for sustainable Ni sulphides for western-made EV batteries etc. (ie not cheap, but dirty very high CO2 Indonesian Ni Laterites)- obviously, very beneficial for BSX's green hydro-powered mine & refinery.
euronews.com 5.6.24 J. Liboreiro said"For decades, the People's Republic of China has lavished domestic companies with public money to fulfill the long-term economic objectives established by the government.
Among the current priorities is the development of Battery Electric Vehicles (BEVs), a sector that is fast expanding as nations transition towards climate neutrality.
The European Union has historically enjoyed a strong position in the car-making industry, with member states like Belgium, Spain, France, Italy, the Czech Republic, Slovakia and Poland ranked among the top 20 largestexportersin the world.
In Germany, the automotive sector is seen as a key industry, a major employer and a driver of innovation and growth.
This set the stage for the European Commission to launch an anti-subsidy inquiry into Chinese electric vehicles, a step highly likely to lead to additional tariffs to offset the unfair advantage of state aid and close the price gap. On average, the executive believes Chinese BEVs are 20% cheaper than their European counterparts.
Notably, the probe was initiated by the Commission without first receiving a formal complaint from the bloc's industry...
Commission officials have spent the last months collecting data about the Chinese market and feedback from industry actors. BYD, SAIC and Geely havereportedlyrefused to provide enough information.
The executive has alreadydeterminedBeijing is using a wide range of subsidy measures such as grants, cheap loans, and VAT rebates among others to turbocharge its car-making industry and churn out BEVs with artificially lower prices.
The investigation's prime goal is to establish whether this assistance could cause "injury" to the EU industry, i.e. a loss of sales, market share and profit margins. The Commission argues global demand cannot keep up with the rising volumes of China-made BEVs and prices are being depressed. This risks depriving EU companies of the necessary investment to remain competitive in the race to net zero.
The Commission, which has exclusive competence to set the bloc's commercial policy, will slap tariffs on imports of China-made BEVs if it concludes the threat of "injury" is high enough. At this stage, all signs point to this scenario...
That Beijing will impose tit-for-tat retaliatory measures is a foregone conclusion in Brussels...".
Your essential guide to the EU probe into Chinese electric cars | Euronews
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