EU imports of Chinese electric and hybrid vehicles could be cut in half
China and the European Union have reached a preliminary agreement on car trade. According to EU Trade Commissioner Maroš Šefčovič, the agreement provides for cutting imports of Chinese electric vehicles and hybrid cars into the Union by half.
Imports of Chinese electric vehicles and hybrid cars into the EU could be halved.
According to DW, Šefčovič announced this in Beijing on October 9 following two days of negotiations with Chinese Commerce Minister Wang Wentao. The meetings were aimed at easing trade tensions between Beijing and Brussels.
The parties did not disclose the detailed terms of the preliminary agreement. Nevertheless, Šefčovič said that as a result, the export of several million cars from China to the EU had been prevented.
According to Reuters, China's Ministry of Commerce stated that the agreement regarding the trade of hybrid vehicles was achieved through intense negotiations.
Sigrid de Vries, head of the European Automobile Manufacturers' Association (ACEA), noted that this agreement could help transition China's presence in the European market to a new stage in an orderly manner. In her view, this aligns with the long-term interests of all parties.
The agreement is not limited to automobiles alone. It also includes measures to reduce tariffs on certain European products supplied to China and to stabilize rare earth metal supply chains.
Šefčovič stated that these agreements will benefit almost every EU member state.
However, the agreement has not yet entered into force. For this to happen, the approval of the leaders of all 27 European Union member states is required.
The EU introduced additional tariffs on Chinese electric vehicles in 2024. Following this, Chinese manufacturers began more actively supplying hybrid cars to the European market. China's Ministry of Commerce had previously refused to voluntarily limit export volumes.