EU votes in favour of hefty tariffs on China-made EV imports
Adds VW's SEAT and Hargreaves Lansdown
LONDON, Oct 4 (Reuters) -The European Union backed tariffs of up to 45% on imported Chinese electric vehicles (EVs) on Friday as it looks to counter Beijing's subsidies for automakers now targeting Europe.
Here is political and industrial reaction to the news:
EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN:
"The electric vehicle sector holds huge potential for Europe's future competitiveness and green industrial leadership."
"EU car manufacturers and related sectors are already investing and innovating to fully develop this potential. Wherever we find evidence that their efforts are being impeded by market distortions and unfair competition, we will act decisively."
"And we will do this in full respect of our EU and international obligations - because Europe plays by the rules, within its borders and globally. This anti-subsidy investigation will be thorough, fair, and fact-based."
GERMAN FINANCE MINISTER CHRISTIAN LINDNER ON X:
The EU Commission "should not trigger a trade war despite the vote in favour of possible punitive tariffs against China. We need a negotiated solution."
SPAIN'S ECONOMY MINISTER CARLOS CUERPO:
"Beyond the imposition of tariffs, we have to continue going forward in this negotiation, since it is important to protect a sector as strategic as the automobile sector while avoiding an escalation of trade measures, which could be detrimental to all."
ITALY'S INDUSTRY MINISTER ADOLFO URSO:
"We are against any hypothesis of a 'trade war' and will work together to avoid it. We must preserve the industrial and commercial partnership with China, with whom we want to continue working in a win-win logic based on the principle of reciprocity, also for the sake of global economic stability."
SWEDEN'S MINISTER FOR FOREIGN TRADE BENJAMIN DOUSA:
"We have had very positive signals just recently from the Commission that they hopefully could go ahead with individual solutions for the auto industry and for Volvo Cars specifically."
"Sweden's line is that the best thing would be that China and the EU together can come to an agreement in relation to this problem."
HUNGARIAN PRIME MINISTER VIKTOR ORBAN:
"What they are making us do right now, or what the EU wants to do, is an economic cold war."
SPOKESPERSON FOR THE FRENCH AUTOMAKERS ASSOCIATION (PFA):
"It is a good thing that a decision has received support from member states for the adoption of customs duties. We are in favour of free trade but within the framework of fair rules."
BMW BMWG.DE CEO OLIVER ZIPSE:
"Today's vote is a fatal signal for the European automotive industry. What is needed now is a quick settlement between the EU Commission and China to prevent a trade conflict from which no one gains."
"The fact that Germany voted against the tariffs is an important signal and increases the chances for a negotiated settlement."
VOLKSWAGEN VOWG_p.DE:
"We stand by our position that the planned tariffs are the wrong approach and would not improve the competitiveness of the European automotive industry."
"We appeal to the EU Commission and the Chinese government to constructively continue the ongoing negotiations for a political solution."
VW'S SEAT WHICH MAKES THE TAVASCAN, AN ALL-ELECTRIC SUV, IN CHINA:
"SEAT S.A. is actively working with the VW Group, to minimise the potential consequences of this resolution for the CUPRA Tavascan.
"The company will do everything possible to prevent these additional duties from affecting the price of the CUPRA Tavascan, as part of its commitment to customers and partners."
"As first proof of this commitment, the price of the car will remain unchanged for all deliveries in 2024. "
GEELY HOLDING GEELY.UL:
"Geely Holding expresses great disappointment in the Commission's decision. The decision (...) is not constructive and may potentially hinder EU-China economic and trade relations, ultimately harming European companies and consumer interests."
GERMAN CAR LOBBY VDA PRESIDENT HILDEGARD MUELLER:
"The proposed tariffs would not only further increase the risk of a mutual trade conflict, but would also make vehicles considerably more expensive for consumers. The potential damage that could be caused by countervailing duties is therefore greater than the potential benefits of the instrument."
"Increasingly sealing off the market is not an option for the European - and in particular the German - automotive industry."
SAIC 600104.SS UNIT MG MOTOR FRANCE:
"Today, the European Commission is planning to excessively tax the 100% electric vehicles offered by MG in France, thereby slowing down the transition to more virtuous individual mobility which the same Commission has called for by 2035."
"Faced with this situation, MG Motor France has decided not to penalise its customers in 2024, and to maintain the list prices of its 100% electric models, the only ones affected by the vote on Friday October 4, without even waiting for the result."
CAPITAL ECONOMICS:
"The official approval of these import duties won't change (the) picture much. And it's still possible that the tariffs will be reduced or revised over the coming months under pressure from Germany and other members that abstained from voting."
"But their confirmation will incentivise Chinese automakers to shift some of their manufacturing into the EU to protect themselves against any further tariff hikes."
"It's also likely to spur retaliation from China."
NATIONAL ASSOCIATION OF SPANISH MEAT INDUSTRIES (ANICE):
"We had hoped that there was a possibility of exploring other measures, but the result is what it is. Now, we can only await the consequences, which we hope will not be serious for the pork sector."
"We trust and hope that this decision will not have a negative impact on trade relations with China as far as the pork sector is concerned, and that the threat of possible tariffs on Spanish pork products does not materialise."
FRENCH COGNAC ASSN BUREAU NATIONAL INTERPROFESSIONNEL DU COGNAC:
"The French authorities have abandoned us. We do not understand why our sector is being sacrificed in this way."
HARGREAVES LANSDOWN HEAD OF MONEY AND MARKETS SUSANNAH STREETER:
"Investors are hoping that there's a greater chance they'll be able to compete on a more even keel against their Chinese rivals."
"These new tariffs are likely to be a significant setback for Chinese manufacturers, given the EU is its largest overseas market for its EV industry. However, given how much cheaper Chinese EVs already are, even this level of tariff might mean they are still competitive and will give European manufacturers a run for their money."
"So, these extra taxes may still be a hurdle but not a barrier to trade with the EU."
BREAKINGVIEWS- EV tariffs are only the first step in EU-China war by Neil Unmack and Katrina Hamlin ed George Hay and Francesco Guerrera nL8N3LG0HA
Reporting by Reuters reporters; compiled by Josephine Mason; editing by Jason Neely and David Evans
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Όλο το υλικό που δημοσιεύεται στην ηλεκτρονική πλατφόρμα συναλλαγών μας προορίζεται για εκπαιδευτικούς/ενημερωτικούς σκοπούς μόνο και δεν περιέχει, ούτε θα πρέπει να θεωρηθεί ότι περιέχει συμβουλές και συστάσεις χρηματοοικονομικές ή σε σχέση με φόρο επενδύσεων και την πραγματοποίηση συναλλαγών, ούτε αρχείο των τιμών διαπραγμάτευσής μας ούτε και προσφορά ή παρότρυνση για συναλλαγή οποιωνδήποτε χρηματοπιστωτικών μέσων ή ανεπιθύμητες προς εσάς προωθητικές ενέργειες.
Οποιοδήποτε περιεχόμενο τρίτων, καθώς και περιεχόμενο που εκπονείται από την ΧΜ, όπως απόψεις, ειδήσεις, έρευνα, αναλύσεις, τιμές, άλλες πληροφορίες ή σύνδεσμοι προς ιστότοπους τρίτων το οποίο περιέχεται σε αυτήν την ιστοσελίδα παρέχεται «ως έχει», ως γενικός σχολιασμός της αγοράς και δεν αποτελεί επενδυτική συμβουλή. Στον βαθμό που οποιοδήποτε περιεχόμενο ερμηνεύεται ως επενδυτική έρευνα, πρέπει να λάβετε υπόψη και να αποδεχτείτε ότι το περιεχόμενο δεν προοριζόταν και δεν έχει προετοιμαστεί σύμφωνα με τις νομικές απαιτήσεις που αποσκοπούν στην προώθηση της ανεξαρτησίας της επενδυτικής έρευνας και ως εκ τούτου, θα πρέπει να θεωρηθεί ως επικοινωνία μάρκετινγκ σύμφωνα με τους σχετικούς νόμους και κανονισμούς. Παρακαλούμε εξασφαλίστε ότι έχετε διαβάσει και κατανοήσει τη Γνωστοποίησή μας περί Μη ανεξάρτητης επενδυτικής έρευνας και την Προειδοποίηση κινδύνου όσον αφορά τις παραπάνω πληροφορίες, τις οποίες μπορείτε να βρείτε εδώ.
