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EU and China Near Deal on EV Tariffs After Threat of Up to 45% Duties

Nov 25, 2024, 01:28 AM

The European Union and China are reportedly close to reaching an agreement over tariffs on Chinese electric vehicle imports into the EU, according to Bernd Lange, chair of the trade committee of the European Parliament. The potential deal may involve China setting a minimum price for electric vehicles sold in the EU, addressing concerns over subsidies and market competition. This measure could make Chinese electric vehicles up to €20,000 more expensive in Europe than in China. This development follows the EU's recent decision to impose tariffs of up to 45.3% on Chinese electric vehicles. Shares of Chinese electric vehicle makers surged on the news, with NIO and XPeng rising more than 4%, and Li Auto and Leapmotor gaining nearly 3% in Hong Kong trading. Chinese experts suggest that reaching an agreement could alleviate tensions and promote cooperation in the electric vehicle sector between the EU and China.