The EU is launching an investigation into China’s electric car industry to protect European manufacturers from being outpriced by Chinese rivals. Although Chinese electric vehicles make up a small portion of the EU market, their share is growing and could reach 15% within two years. The EU is concerned that if electric car production shifts to China, it will negatively impact the European car industry. The investigation will determine if subsidies have allowed Chinese imports to undercut European electric vehicle prices. If harm to domestic producers is found, tariffs of about 10-15% could be imposed. The investigation is expected to last nine months and would cover battery vehicles but not hybrids. The EU wants to avoid a repeat of what happened with solar panels a decade ago when cheap Chinese imports flooded the market. The EU aims to protect its car industry, which provides almost 13 million jobs and makes up 7% of the bloc’s economy.
>>Join our Facebook Group be part of community. <<