just found out EU has increased Chinese EV tariffs up to 48% effective Jul 2024 for any vehicle manufactured in China regardless if the producing company is Chinese owned.
“We have no option but to act in the face of soaring imports of heavily-subsidised battery electric vehicles, from China,” Valdis Dombrovskis, EU trade commissioner, told the Financial Times. “This puts our industry at risk of injury.”
Germany, Sweden and Hungary have said they do not approve of the move, fearing Chinese retaliation. EU officials say Berlin put pressure on Ursula von der Leyen, who is seeking a second term as commission president, to drop the anti-subsidy investigation.
Shanghai-headquartered EV maker Nio, which has invested heavily in developing the EU market, said the use of tariffs “hinders rather than promotes global environmental protection, emission reduction and sustainable development”, but it remained “hopeful for a solution”.
Ironically:
Dombrovskis said the market share of EVs imported from China increased from 4 per cent in 2020 to 25 per cent in September 2023.
His department amassed evidence Chinese carmakers and their suppliers received subsidised loans, tax breaks and cheap land, according to officials.
The EV market is still strong, just controlled on protected playing field.
Still seeing evidence RNU will produce, just when in question.
source: https://www.ft.com/content/0545ed62-c4b9-4e8a-80fa-c9f808e18385
just found out EU has increased Chinese EV tariffs up to 48%...
Add to My Watchlist
What is My Watchlist?
