Reported about 1 year ago
Starting July 5th, the EU officially imposed temporary tariffs on imported electric vehicles from China, with rates reaching up to 37.6%, aimed at encouraging local production and reducing reliance on Chinese manufacturing. However, experts question the potential retaliatory actions from China and the impact on European carmakers. Meanwhile, Chinese electric car manufacturer BYD inaugurated a new factory in Thailand, contributing to the global electric vehicle supply chain. The article also highlights Indonesia's emergence as a key player in electric vehicle battery production, fueled by rich mineral resources and investment from major companies like Hyundai and LG Energy. Overall, the EU's tariff action may reshape the market dynamics, favoring Southeast Asia, Latin America, and other regions welcoming Chinese brands, potentially impacting European manufacturers negatively.
Source: YAHOO