Reported 11 months ago
European countries are competing to attract Chinese electric vehicle manufacturers such as BYD and Chery to set up factories in Europe, despite the EU's contemplation of tariffs on Chinese imports due to auto subsidies. Nations like Hungary, Spain, Italy, and Poland are offering incentives and investments to lure Chinese automakers, aiming to benefit from the lower manufacturing costs in Europe and align their brands with European standards. Chinese automakers see the importance of producing in Europe to appeal to European consumers, with sales of Chinese cars in Europe expected to rise from 4% to 7% by 2028. Spain, Hungary, and Poland have secured investments from Chinese automakers, with talks ongoing in Italy and Germany, while Turkey remains an attractive location for lower-cost vehicle production.
Source: YAHOO