Starting July, the European Union will introduce additional duties of up to 38.1% on imported Chinese electric vehicles. Beijing called the move protectionist.
This became known on Wednesday, June 12, writes Reuters.
EU introduces additional duties on Chinese electric cars: what is known
The influx of low-cost Chinese electric vehicles has created additional costs for European manufacturers as they grapple with slowing demand and falling prices at home, according to Reuters calculations based on 2023 EU trade data.
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The commission estimates that the share of Chinese brands in the EU market has risen to 8% from less than 1% in 2019 and could reach 15% in 2025. Prices for Chinese cars are usually 20% lower than models produced in the EU.
As the newspaper notes, European policymakers are keen to avoid a repeat of what happened with solar panels 10 years ago, when the EU took only limited measures to curb Chinese imports and many European manufacturers collapsed.
In October, the EU launched an anti-subsidy investigation into Chinese electric vehicles.
Beijing's reaction
Chinese Foreign Ministry spokesman Lin Jian said the EU investigation is “a typical case of protectionism”, and tariffs will harm economic cooperation between China and the EU and the stability of global automobile production and chains supplies.
According to him, Beijing will take all necessary measures to “firm defense” their legal rights and interests.
