The European Union will follow the U.S. and impose higher tariffs on Chinese electric vehicles to defend its industry from what officials called 'unfair subsidization, which is causing a threat of economic injury to EU BEV producers.' The move to raise tariffs comes at a time when many ultra-competitive and lower-cost EVs are undercutting European automakers like Volkswagen and Mercedes-Benz on their home turf. In the U.S.
1% Let's recall that SAIC has several brands such as MG, whose hot-selling MG 4 is quickly displacing purchases of European vehicles. Chinese conglomerate Geely also owns multiple brands, including Volvo, which is now working on how to produce more EV models in Europe, as well as Polestar, Zeekr and Lotus too. Several of those brands' EV models are made in China.