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CN Reportedly Asks Domestic Automakers to Halt Expansion in EU
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China is pressuring domestic automakers to suspend expansion in the EU due to escalating trade conflicts over electric vehicles (EVs), Bloomberg quoted sources as saying. The EU had voted earlier this month to slap tariffs of up to 45% on Chinese-made EVs, accusing the Chinese government of unfairly subsidizing domestic carmakers. China denied the EU's accusations. Wang Wentao, Minister of Commerce, said that Chinese EV companies harness continuous technological innovation, a sound production and supply chain system, as well as sufficient market competition, to achieve rapid development, instead of subsidies to seize a competitive advantage. People familiar with the matter said China asked manufacturers to hold off on actively seeking production bases in the region and signing new agreements, and generally keep a low profile while China and the EU negotiate tariffs on EVs. In response, state-owned DONGFENG GROUP (00489.HK) froze plan to potentially produce cars in Italy, people with the knowledge of the matter said. AAStocks Financial News |
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