Reported about 1 year ago
The European Union's imposition of tariffs of up to 37.6% on China-made electric vehicles (EVs) has significantly impacted China's new energy vehicle (NEV) exports, causing a slowdown in growth from 30-40% to just over 10%. This decline in NEV exports was reflected in China's domestic car sales, which fell for the third consecutive month in June. The EU's measures have particularly affected U.S. electric carmaker Tesla's exports from its Shanghai factory, leading to the lowest levels since 2022. Despite a rise in total car exports for June, China's domestic car sales dropped by 6.9%, indicating a struggle to boost consumer demand even with government subsidies and incentives in place.
Source: YAHOO