Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Chinese industry body tells EU to correct its findings on EVs

Published 2024-07-19, 11:00 a/m
© Reuters. FILE PHOTO: Employees work on an electric vehicle (EV) production line during an organised media tour to a factory under Jiangling Group Electric Vehicle (JMEV), in Nanchang, Jiangxi province, China May 22, 2024. REUTERS/Kevin Krolicki/File Photo
VOWG
-
BMWG
-
TSLA
-
SAIC
-
0175
-
1211
-

By Philip Blenkinsop

BRUSSELS (Reuters) - EU tariffs on electric vehicles built in China breach global trading rules and must be corrected, an industry body representing 12 Chinese automakers told the European Commission in a hearing this week.

The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) presented its view at a hearing on Thursday that the EU's preliminary assessment is incompatible with EU and World Trade Organization rules.

"We are very concerned. We urge the Commission to correct these unlawful findings and terminate the investigation (into Chinese EV subsidies)," CCCME vice president Shi Yonghong told a briefing of reporters on Friday.

The European Union imposed provisional tariffs of between 17.4% and 37.6% earlier in July on EVs made in China, including Chinese brands BYD, Geely and SAIC as well as models built in China by Western manufacturers such as Tesla (NASDAQ:TSLA) and BMW.

Shi said domestic producers had a stable share of the EU market and so there was no sign of imminent injury, EU industry losses were not caused by imports, and the investigation lacked transparency and was beset with procedural anomalies.

The Commission, which oversees EU trade policy and will continue its investigation until the end of October, says it is not trying to shut out Chinese EVs, but that measures are required to ensure a level playing field.

"Our investigation is fully in line with all relevant EU and WTO rules," a spokesperson said.

Shi said Chinese automakers wanted Brussels and Beijing to negotiate a balanced solution, although there remained a large gap between the average EU provisional duty of 20.8% and China's push for no measures.

"To reach middle ground, we're talking about somewhere between zero and 20%," he said.

Shi described the average tariff as "unreasonable and inflated" and said that separate EU investigations into the impact of foreign subsidies in the EU market risked deterring Chinese car and battery makers from investing in Europe.

© Reuters. FILE PHOTO: Employees work on an electric vehicle (EV) production line during an organised media tour to a factory under Jiangling Group Electric Vehicle (JMEV), in Nanchang, Jiangxi province, China May 22, 2024. REUTERS/Kevin Krolicki/File Photo

"I think this is of great interest to (EU) member states because many member states are expecting investment from China," he said.

EU members will get a final say on duties at the end of the investigation. In a non-binding vote this week, they exposed divided views on the merits of tariffs.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.