Reported 2 days ago
Chinese electric vehicle manufacturers have experienced a significant decline in their market share in Europe, dropping to 7.4% in November from 8.2% in October, following the introduction of new tariffs that can reach up to 35%. The European Union imposed these tariffs due to allegations that state aid had provided unfair advantages to Chinese companies, with MG's parent company SAIC facing the steepest tariffs of 45%. Despite a slowdown for some brands like MG, BYD has seen growth, doubling its registrations in November. The tariffs are part of broader efforts to protect local manufacturers, as many Chinese automakers look to adjust their strategies and localize production in Europe.
Source: YAHOO