The European Union (EU) is set to vote on October 4 regarding the imposition of tariffs on Chinese electric vehicles (EVs), following a recent delay. Amidst ongoing discussions between China and the EU, various sources highlight the mixed opinions within the EU on this issue.
Germany's automotive industry association (VDA) president expressed concerns that imposing tariffs is not the solution to the challenges facing Europe's automotive sector. They believe that any form of protectionism could hinder free trade, induce trade conflicts, and distort market development.
Fitch Ratings analysts indicated that the short-term impact of these tariffs on Europe's competitive landscape is likely minimal. However, broader measures could negatively affect the profitability and cash flow of German automakers.
Experts agree that accelerating the transition to new energy vehicles is a key trend in the global automotive industry. According to S&P Global Mobility Director, European manufacturers have heavily invested in BEV (Battery Electric Vehicle) products and technologies over the past 3-5 years. This transition is now an industry consensus, and regulatory changes are unlikely to alter Europe's trajectory towards a 100% electric vehicle market.
The Chinese EV market is also expected to achieve a penetration rate exceeding 60% within the next three years, driven by evolving consumer demands. Industry insiders emphasize that collaboration is essential for the future growth of the EV sector. At the 2024 World New Energy Vehicle Congress, multinational automakers like Mercedes-Benz, BMW, and Volkswagen expressed their willingness to enhance cooperation with China in the EV market.
Volkswagen aims to become the top international car manufacturer in China by 2030, while BMW supports free trade and intends to leverage its influence to maintain an open market.
