Reported about 1 year ago
A survey conducted by the Institute of German Economy (IW) in Cologne revealed that a majority of German industrial enterprises support imposing punitive tariffs on Chinese electric cars. Over 80% of the surveyed companies deemed it 'reasonable' or 'partially reasonable' to impose tariffs if the EU Commission determines unfair subsidies for Chinese electric cars. The EU Commission is expected to decide on imposing tariffs on Chinese electric cars this week, following the US decision to impose punitive tariffs of up to 100%. High-ranking officials from BMW, Mercedes-Benz, and Volkswagen warned against imposing import tariffs on cars from China, as German car manufacturers derive 20% to 23% of their profits from sales in China. Additionally, a significant portion of EU-imported cars from China are actually produced by European manufacturers in China, according to HSBC analysts. The survey also revealed that the phenomenon of price pressure from Chinese competitors is not unique to the automotive industry, with around 80% of surveyed companies facing price undercutting from Chinese competitors in similar product categories.
Source: YAHOO