16 sources·Business

EU Imposes Duties on Chinese Electric Vehicles Following Trade Dispute

The EU will implement import duties on Chinese EVs, driven by concerns over market fairness and Chinese subsidies.

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Updated: Oct 30th, 2024, 7:09 AM ET

Summary

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Starting Wednesday, the European Union imposes import duties on Chinese electric vehicles, following failed negotiations. Duties will be determined by manufacturer, with rates soaring as high as 35.3% for state-owned SAIC. This action is fueled by concerns regarding Chinese subsidies that jeopardize EU market stability. While Germany's auto industry expresses concern over potential job losses, the EU remains open to further negotiations. The duties are a response to Chinese EV market share growth from 3.9% to 25% since 2020, threatening the EU's green technology production and overall automotive employment.

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