Close Menu
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Rain, thunderstorms expected across Pakistan

July 1, 2025

S China’s Guangdong devoted to building industrial cluster for high-end equipment-Xinhua

July 1, 2025

Govt hikes fuel prices for next fortnight

July 1, 2025
Facebook X (Twitter) Instagram
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us
Facebook X (Twitter) Instagram Pinterest Vimeo
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports
Nabka News
Home » New EU EV tariffs cause Chinese automakers to lose interest in Europe
China

New EU EV tariffs cause Chinese automakers to lose interest in Europe

i2wtcBy i2wtcJune 20, 2024No Comments2 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
Follow Us
Google News Flipboard Threads
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


European tariffs on Chinese-made EVs are already hurting business confidence among Chinese companies, even though the new taxes have yet to come into effect.

A recent survey by China Economic Services and the China Chamber of Commerce in the EU found that tariffs have made 82% of Chinese auto and industrial chain companies less confident about investing in Europe in the near future, 83% said their European partners are unsure about working with Chinese companies, and 73% reported a drop in sales in Europe.

The survey targeted more than 30 companies and institutions involved in new energy vehicles, including battery electric vehicles and plug-in hybrid vehicles.

The report said Chinese auto companies are facing a “challenging business environment,” with the majority of companies surveyed agreeing that “escalating trade tensions” are politicizing economic activity.

Construction Trade War

The European Commission said last week it would impose tariffs of up to 38% on Chinese-made electric vehicles starting next month, a decision that follows an anti-subsidy investigation launched in October last year.

The decision could set off a broader trade dispute between China and Europe, with the EU also investigating several other industries, including steel, wind turbines and medical equipment.

Chinese automakers are calling on Beijing to raise tariffs on imports of internal combustion engine vehicles from Europe.

The Chinese government recently launched an anti-dumping investigation into European pork, adding to a similar investigation launched into European brandy earlier this year.

How will Chinese EV makers respond?

China’s electric vehicle sector has emerged as a major driver of the country’s economy as companies such as BYD and battery maker CATL become major players in their respective sectors. Chinese manufacturers deny accusations that their success is due to government support.

Chinese electric vehicle makers could avoid the tariffs by setting up manufacturing bases in Europe: BYD and fellow Chinese automaker Chery have committed to building new factories in Hungary and Spain.

The chamber’s survey suggests more Chinese automakers may be considering expanding production in Europe: 64% said they plan to set up manufacturing bases in Europe within the next five years, even though many companies reported a decline in confidence about investing in the region.

Subscribe to the Fortune Next to Lead newsletter and get weekly strategies for advancing to executive office. Sign up for free before the start of June 24, 2024.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
i2wtc
  • Website

Related Posts

China

S China’s Guangdong devoted to building industrial cluster for high-end equipment-Xinhua

July 1, 2025
China

China’s aircraft carrier formations return after completing far-sea training-Xinhua

July 1, 2025
China

“Ne Zha 2” ends record-breaking China run with 2.13-bln-USD haul, but global journey continues-Xinhua

June 30, 2025
China

China’s Xinjiang unveils 6 new scenic highway routes to boost tourism-Xinhua

June 30, 2025
China

China launches freight train linking Beijing to Baku of Azerbaijan-Xinhua

June 30, 2025
China

Extreme heatwaves underscore climate urgency, demand action-Xinhua

June 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Rain, thunderstorms expected across Pakistan

July 1, 2025

House Republicans unveil aid bill for Israel, Ukraine ahead of weekend House vote

April 17, 2024

Prime Minister Johnson presses forward with Ukraine aid bill despite pressure from hardliners

April 17, 2024

Justin Verlander makes season debut against Nationals

April 17, 2024
Don't Miss

Trump says China’s Xi ‘hard to make a deal with’ amid trade dispute | Donald Trump News

By i2wtcJune 4, 20250

Growing strains in US-China relations over implementation of agreement to roll back tariffs and trade…

Donald Trump’s 50% steel and aluminium tariffs take effect | Business and Economy News

June 4, 2025

The Take: Why is Trump cracking down on Chinese students? | Education News

June 4, 2025

Chinese couple charged with smuggling toxic fungus into US | Science and Technology News

June 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to NabkaNews, your go-to source for the latest updates and insights on technology, business, and news from around the world, with a focus on the USA, Pakistan, and India.

At NabkaNews, we understand the importance of staying informed in today’s fast-paced world. Our mission is to provide you with accurate, relevant, and engaging content that keeps you up-to-date with the latest developments in technology, business trends, and news events.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

Rain, thunderstorms expected across Pakistan

July 1, 2025

S China’s Guangdong devoted to building industrial cluster for high-end equipment-Xinhua

July 1, 2025

Govt hikes fuel prices for next fortnight

July 1, 2025
Most Popular

China: Photos show widespread devastation left by deadly tornado in Guangzhou

April 29, 2024

At least 24 people killed in highway collapse in China

May 1, 2024

Japan condemns Biden’s ‘xenophobic’ comments as ‘unfortunate’

May 3, 2024
© 2025 nabkanews. Designed by nabkanews.
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us

Type above and press Enter to search. Press Esc to cancel.