EU draft on tariffs for Chinese EVs brings 'enormous risks': CAAM

EU draft on tariffs for Chinese EVs brings ‘enormous risks’: CAAM

Posted by Admin August 21, 2024 World

1 min read Last Updated : Aug 21 2024 | 9:42 AM IST

The China Association of Automobile Manufacturers (CAAM) said it firmly opposes a revised draft from the European Union on punitive tariffs for Chinese made electric vehicles, Chinese state broadcaster CCTV reported on Wednesday.

The decision on the tariffs brings “enormous risks and uncertainty” for China’s operations and investment in the EU, the association said, according to the CCTV report.

The European Commission published on Tuesday the draft findings of its high-profile investigation into alleged subsidies for imports of Chinese-made electric vehicles, which included some revisions to proposed punitive tariffs.

The Commission, which sets EU trade policy, said it still believed Chinese EV production has benefited from extensive subsidies and proposed duties of up to 36.3 per cent on auto companies.

In July it set a maximum initial planned duty of 37.6 per cent.

The high tariffs have “damaged the confidence of Chinese enterprises operating in and investing in Europe,” CAAM told CCTV.

It will have a “serious adverse impact on driving the development of the EU automotive industry, increasing local employment opportunities in the EU and achieving green and sustainable development,” CAAM said.

First Published: Aug 21 2024 | 9:42 AM IST