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The European Commission approves taxes of up to 45 percent to protect the domestic market from Chinese electric cars

2024-10-31 09:21:01Biznes SHKRUAR NGA REDAKSIA VOX

The European Commission approves taxes of up to 45 percent to protect the

The European Union has decided to raise tariffs on electric vehicles made in China by up to 45.3% at the end of the highest-profile trade investigation that has divided Europe and prompted retaliation from Beijing.

Just over a year after launching its anti-subsidy investigation, the European Commission will impose additional tariffs ranging from 7.8% on Tesla to 35.3% on China's SAIC, on top of the EU's standard car import tariff of 10 %.

The additional tariffs were officially approved and published in the EU's Official Journal, meaning they will come into force on Wednesday.

The commission, which oversees the Union's trade policy, has said the tariffs are required to counter unfair subsidies, including preferential financing and grants, as well as land, batteries and raw materials at below-market prices.

He says China's spare production capacity of 3 million electric cars a year is twice the size of the EU market. Given the 100% tariffs in the United States and Canada, the best option is Europe.

"Beijing does not agree and does not accept the decision. We also noted that the EU will continue to negotiate on the price change," China's Ministry of Commerce said, adding that the country hoped to find a "mutually acceptable solution to avoid escalating trade frictions." China's EU Chamber of Commerce said it was deeply disappointed by the bloc's "protectionist" and "arbitrary" move.

Meanwhile, Beijing launched its own investigations this year into imports of EU cognac, milk and pork products in retaliation.

European automakers are facing an influx of lower-cost electric vehicles from Chinese rivals. The Commission estimates that Chinese brands in the EU market have grown to 8%, from less than 1% in 2019, and could reach 15% in 2025. While prices are typically 20% below those of EU models .

 


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