The European Commission's president said the EU is considering imposing tariffs to protect itself against Chinese EV imports that benefit from state subsidies.
The European Union is the first major car market to deal with an invasion of Chinese-built electric vehicles, and the trade bloc is starting to acknowledge the risks this entails for its market and auto industry., Ursula von der Leyen, announced the EU is launching an investigation into Chinese subsidies for EVs. This means that the political and economic union is considering imposing tariffs to protect itself against Chinese EV imports that benefit from state subsidies.
"So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. Europe is open to competition. Not for a race to the bottom," Ursula von der Leyen told the European Parliament. Mind you, she did add that"it is vital to keep open lines of communication and dialogue with China.
Chinese-made EVs reached a market share of 8 percent in Europe so far this year, up from 6 percent in 2022 and 4 percent in 2021, according to autos consultancy, are preparing to increase sales in Europe by launching more affordable products. If their plan succeeds, mass-market manufacturers like Volkswagen Group and Stellantis will suffer.
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