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China increases electric car exports to the EU. Over 60,000 vehicles were sold in September

2024-10-24 13:28:21Kosova&Bota SHKRUAR NGA REDAKSIA VOX

China increases electric car exports to the EU. Over 60,000 vehicles were sold

China exported more than 60,000 electric vehicles to the European Union in September, with shipments reaching the second-highest level on record, ahead of additional tariffs expected to take effect later this month.

Firms from Asia's biggest economy shipped 60,517 electric cars to 27 European bloc countries last month, up 61% from the same period last year, according to customs data. The previous peak of 67,455 vehicles was in October 2023, when the European Commission announced it was launching an investigation against subsidies for electric vehicles made in China.

The EU introduced temporary tariffs in June and required the targeted companies to set aside guarantees, but officials said in August that the bloc would not collect them retroactively. Member states voted on October 4 to impose new tariffs of up to 35%, with 10 countries including France, Italy and Poland in favor of the measure.

As China and the European Union continue to negotiate an alternative solution, the tariffs are expected to take effect at the end of October.

The increase in shipments shows that Chinese electric vehicle makers are hoping to avoid looming tariffs. Despite this, such measures are expected to slow down, but not deter, those wishing to expand into the lucrative European market.

Chinese cars can often be sold at a premium compared to what they would be worth on the domestic market, adding to the benefits for automakers.

BYD plans to set up plants in Hungary and Turkey, as do many other Chinese manufacturers that are considering opportunities in Europe.


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