The European Union has implemented tariffs of up to 45.3% on Chinese electric vehicles (EVs) following failed negotiations between Brussels and Beijing to resolve ongoing trade disputes, according to the Associated Press.
EU spokesperson Olof Gill confirmed the measure, noting that the EU claims Chinese companies are selling vehicles at low prices in the European market by leveraging government subsidies. This practice, the EU argues, has harmed the local automotive industry.
Data reveals that in 2020, Chinese EVs held a market share of just 3.9% in the EU, which surged to 25% by September 2023.
