Etiqueta: Tariffs

(Bloomberg) -- Chinese automaker BYD Co. has moved to fully control a joint venture it had in China with Mercedes-Benz Group AG, as an increasing number of foreign carmakers dial back their exposure to the world’s biggest auto market.Most Read from BloombergPipeline Fire Near Houston Forces Some Residents to EvacuateLondon Mayor Plans to Pedestrianize Busy Oxford StreetAn Artist Reimagines the Spaces of Childhood, With Thorny ResultsUS Driving and Congestion Rates Are Higher Than EverAn Affordab

The dissolution of this joint venture comes at a time of escalating trade tensions between China and Europe. The European Commission is preparing to impose additional tariffs on Chinese EVs, with potential rates reaching up to 36.3 per cent.

There may be no more important question for the West’s competitive position in advanced industries than whether China is becoming a rival innovator. While the evidence suggests it hasn’t yet taken the overall lead, it has pulled ahead in certain areas, and in many others Chinese firms will likely equal or surpass Western firms within a decade or so.

China’s Commerce Minister Wang Wentao met with Roberto Vavassori, president of the Italian Association of the automotive industry, in Italy on Saturday to discuss the European Commission (EC)’s tariff against Chinese electric vehicles (EVs) and cooperation between China and Italy in the EV sector, the Ministry of Commerce (MOFCOM) said on Sunday.

BYD rejected a Bloomberg article saying it is awaiting the outcome of the U.S. elections before committing to a proposed BYD auto factory.

BYD had been considering three different areas in the country, but now wants to learn the outcome of the Trump-Harris showdown before getting the shovels out

The move comes as Chinese EV manufacturers such as BYD and SAIC Motor Corp.’s MG brand struggle to expand in Europe.

BYD to buy Hedin Electric Mobility, gaining more control over sales in Germany.

The new tariff on Chinese-made EVs will go into effect Oct. 1. A second round of consultations for other Chinese imports is also launching

The Government of Canada is imposing a 100% tariff on all imported Chinese-made electric vehicles (EVs) beginning October 1 this year, one of four measures the country has announced this week to address unfair international competition.