China and EU to Collaborate on Electric Vehicle Subsidy Investigation

Money | June 23, 2024, 12:34 p.m.

Chinese Commerce Minister Wang Wentao and European Commission Vice President Valdis Dombrovskis held a video talk to discuss the EU's investigation into Chinese electric vehicles (EVs). After preliminary tariffs were announced on June 12 for battery electric vehicles (BEVs) from China, the two sides agreed to initiate consultations to address the anti-subsidy investigation case. If a solution is not reached, the provisional anti-subsidy duties will be implemented from July 4. Different Chinese BEV producers will face varying rates of additional tariffs, with those who cooperated in the investigation facing lower rates compared to those who did not. China expressed strong dissatisfaction with the EU's actions and urged for a correction to be made through dialogue and consultation. The final measures are expected to be implemented within four months of the imposition of the provisional duties.