6.2 C
London
Tuesday, December 3, 2024
HomeNewsChinaGerman Carmakers Reject EU Tariffs on Chinese Electric Cars, Fearing Trade War...

German Carmakers Reject EU Tariffs on Chinese Electric Cars, Fearing Trade War and Impact on EV Transition

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

Berlin, April 13, 2024 – The German automotive industry is strongly opposed to the European Commission’s proposal to impose punitive tariffs on electric vehicles (EVs) imported from China. The industry association VDA warns that such measures would exacerbate existing problems in the sector and jeopardize the transition to e-mobility.

VDA President Hildegard Müller told Welt am Sonntag: “Anti-subsidy tariffs are not the solution. On the contrary, they would have an immediate negative impact in the event of a trade war and endanger the transformation to e-mobility and digitalization.”

Since autumn 2023, the Commission has been investigating whether Chinese EVs benefit from illegal subsidies. This gives them a price advantage over European models, which are on average 20% more expensive. If subsidies are proven, the EU could impose punitive tariffs. Preliminary results of the investigation are expected to be published by June 5th.

German carmakers, which sell 30-40% of their vehicles in the Chinese market, fear retaliation from Beijing. According to the Duisburg Center for Automotive Research, tariffs would be a “self-inflicted wound” and could jeopardize thousands of jobs in Germany.

Instead of tariffs, the VDA proposes strengthening dialogue with China and seeking joint solutions to promote fair competition in the automotive industry.


Sources:

Key Points:

  • German carmakers oppose EU tariffs on Chinese EVs
  • Tariffs could lead to trade war and harm e-mobility transition
  • German automakers fear retaliation from China
  • Industry calls for dialogue and joint solutions with China
Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories