Saxony minister says higher EU tariffs on Chinese cars could boost interest in VW plant

IndustryRegulation
โดย Reuters·Read original
Summary · why it matters

Saxony's economy minister Dirk Panter said the European Union should consider raising tariffs on cars made in China to increase pressure on Chinese automakers to partner with European manufacturers such as Volkswagen. His comments follow threats by Volkswagen to close four German factories, including the all-electric Zwickau plant in Saxony, if no other solution is found. Panter suggested that a joint venture in Saxony could help avoid European tariffs, giving Europe a stronger negotiating position. He noted that Chinese manufacturers like BYD have been building market share in Europe with plug-in hybrid models not covered by current EU tariffs on all-electric vehicles, and stressed that anyone wanting access to the European market must take responsibility for value creation and employment in Europe.

Impact on stocks 3

Consumer Discretionary▲ · 1 stocks
Volkswagen AG
VOW
▲ PositiveTariffrelevance

Higher tariffs could boost interest in VW's German plants and strengthen its negotiating position.

Electrification & Mobility▲ · 1 stocks
Volkswagen AG VZO O.N.
VOW3
▲ PositiveTariffrelevance

Higher tariffs could boost interest in VW's German plants and strengthen its negotiating position.

Others▼ · 1 stocks
BYD Co Ltd Class A
002594
▼ NegativeTariffrelevance

Higher EU tariffs on Chinese cars could reduce BYD's competitiveness in Europe.

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