From CNBC: 2024-07-04 04:32:43

China is hoping to reach an agreement with the European Union on tariffs for imported Chinese electric vehicles. The European Commission threatened additional duties if negotiations fail, with “definitive measures” to be enacted four months after July 4. Talks are ongoing between the two sides to find a mutually acceptable solution.

The Chinese Ministry of Commerce spokesperson emphasized the need for the EU to work with China and speed up the consultation process. Both sides met virtually in June to discuss the anti-subsidy probe into China’s electric vehicle production. China opposes the probe and highlights the ongoing four-month window for resolution.

The EU launched an investigation last year into subsidies in China’s electric vehicle industry, which has rapidly expanded in recent years. Chinese automakers, like BYD, have begun exporting electric vehicles to Europe. The Chinese government has invested significantly in the industry, spending over $230.8 billion to develop electric cars.

China’s Ministry of Commerce spokesperson stressed the importance of finding a mutually acceptable solution with the EU. Talks have been ongoing at a technical level, with discussions between the two sides dating back to last year. Both China and the EU hope to resolve the issue before definitive measures are introduced in four months.

Read more: China hopes for solution with EU on EV tariffs ‘as soon as possible’