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China poses greatest risk to Europe's carmakers - Allianz Trade study

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Chinese-made electric vehicles (EVs) pose the greatest risk to Europe's carmakers and could cost them 7 billion euros ($7.7 billion) a year in lost profits by 2030 unless policymakers take action, according to an Allianz Trade report.

, policymakers need to meet the challenge with reciprocal tariffs on imported cars from China, do more to develop EV battery materials and technologies, and also allow Chinese carmakers to build cars in Europe.

Chinese EV imports could cost the European Union over 24 billion euros in economic output in 2030, or 0.15% of the bloc's gross domestic product, Allianz Trade said. "The stakes are high for Europe's automotive industry: four out of five cars sold in Europe are assembled locally," the report added.

 

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