EU Slaps Up to 37.6% Tariffs on Chinese Electric Vehicle Imports

The European Union has announced the imposition of tariffs of up to 37.6% on electric vehicles (EVs) imported from China. Europe's largest carmaker, Volkswagen, expressed concerns about the negative impact on demand, while Chinese EV maker, NIO, and SAIC's Andrea Bartolomeo stated they would maintain current pricing. EU officials aim to ensure fair competition.

The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said on Thursday, ratcheting up tensions with Beijing in Brussels' largest trade case yet. Here are some reactions to the news:

EUROPE'S BIGGEST CARMAKER VOLKSWAGEN: "The timing of the EU Commission's decision is detrimental to the current weak demand for BEV vehicles in Germany and Europe.

"The negative effects of this decision outweigh any benefits for the European and especially the German automotive industry. The Volkswagen Group is confidently accepting growing international competition, including from China, and sees this as an opportunity - this also benefits our customers." CHINESE EV MAKER NIO:

"At this stage, NIO maintains the pricing of their current models in its European markets. However, it cannot be ruled out that prices may be adjusted at a later stage as a result of these tariffs being imposed. "Despite these developments, NIO is fully committed to the European market: we believe in fostering competition and consumer interest, and we hope to reach a resolution with the EU before definitive measures are enforced in November 2024."

SAIC'S COUNTRY MANAGER FOR ITALY ANDREA BARTOLOMEO: "For the moment we will not change prices of cars in our line-up" in Italy.

EU TRADE CHIEF VALDIS DOMBROVSKIS: "Obviously we are in consultation with member states now, also prior to imposition of those provisional duties and it's clear that member states are also interested to protect their automotive industries from unfair competition.

"Our aim is to ... ensure fair competition and level playing field. Therefore, once again, we do not see any basis for retaliation. "Those talks with China are ongoing and indeed should a mutually beneficial solution emerge, we can also find ways not to apply at the end of the day the tariffs.

"But it is very clear this solution (would) need to solve that market distortion that we are currently having ... and it needs to be market compliant." EUROPEAN COMMISSION SPOKESPERSON:

"What is clear is that what the EU wishes for is a solution. (...) The introduction of tariffs (...) is a means to correct an imbalance and unfair competitive situation to the detriment of producers of electric vehicles in the EU, compared to those who are producing vehicles in China."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)