Brussels/London CNN —The European Union is launching an investigation into China’s state support for makers of electric vehicles as soaring imports of their cars stoke fears for the future of European auto manufacturers.
“So I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”Europe levies a duty of 10% on cars imported from China.
That compares with duty of 27.5% in the United States, and China’s manufacturers have taken advantage to carve out a significant and rapidly growing foothold in the European market.
And in the last five years, EU imports of Chinese cars have quadrupled.
The European Commission investigation could lead to the imposition of tariffs on Chinese EV imports, and von der Leyen’s announcement rattled the stocks of China’s biggest EV companies listed in Hong Kong.
Persons:
Ursula von der Leyen, “, ” von der Leyen, von der, Warren Buffett, Nio, Li Yunfei, Oliver Zipse, Luca de Meo, ”, Sigrid de Vries, Laura
Organizations:
London CNN, China Passenger Car Association, UBS, The, EV, European Automobile Manufacturers ’ Association, Senior, EU, Jato Dynamics, BMW, Renault, European
Locations:
Brussels, London, Europe, China, United States, Hong Kong