China gears up to make a deal with Europe as EV tariffs loom

29/5/2024 19:01

        The European Commission's expected move to hike tariffs on Chinese electric vehicles is set to kick off a round of talks that Chinese executives hope will soften the blow for the world's biggest EV industry.
        
        The provisional tariffs, expected to be announced by June 5, will be a sticker shock representing billions of dollars in new costs for Chinese electric car makers.
        
        But both Europe and China have reasons for wanting to strike a deal.
        
        China’s EV industry needs profitable exports to the world's third-largest economy to counter falling margins at home, while German automakers want access to China's auto market and EV partnerships to drive costs down.