Etiqueta: exports

A new electric hot hatch is about to hit the market. The new BYD Seal 06GT was uncovered in China...

BRUSSELS (AP) — The European Union moved Wednesday to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’s subsidies for the exports that Brussels worries is h…

The EU is set to impose tariffs of up to 38% on Chinese electric vehicles to stop the dumping of cheap cars. But some auto producers are already scaling back investments in Europe due to poor sales.

To counteract market dumping, the European Union will slap tariffs of up to 38% on electric vehicles from China. This puts additional strain on China’s EV manufacturers, which already face poor sales in Europe.

BYD is building it first plant in Hungary, while Leapmotor will use a Stellantis factory in Poland, as Chery eyes production in Spain and possibly Italy; Great Wall, SAIC and Dongfeng are also assessing opportunities

European governments may be wary of budget Chinese electric vehicles flooding their markets but they're also fiercely competing for a share of the manufacturing investment and jobs the new competitors bring. While the European Union investigates China's auto subsidies and considers tariffs on imports, national governments across the bloc are dangling their own incentives to attract Chinese automakers looking to build European factories. Manufacturing costs for Chinese EV makers including BYD, Chery Automobile and state-owned SAIC Motor are much lower at home but they are nonetheless keen to set up in Europe to build their brands and save on shipping and potential tariffs, said Gianluca Di Loreto, a partner at consultancy firm Bain & Company.

Several major Chinese car companies saw big sales increases in May.

On October 20, in response to the widened U.S. semiconductor controls, China announced a new set of export restrictions on certain graphite products, which are key for EV battery manufacturing.