close_game
close_game

VW CEO says retaliatory tariffs by China can hurt European automakers

Reuters |
Oct 06, 2024 09:27 AM IST

The EU's proposed duties on EVs built in China of up to 45% are set to be imposed from next month for five years, risking retaliatory tariffs from China

The CEO of German carmaker Volkswagen said the European Union should consider adjusting planned tariffs against China-made electric vehicles to make allowances for investments made in Europe.

A technician fixes a VW sign in the assembly line of German carmaker Volkswagen's electric ID. 3 car in Dresden, Germany,(Matthias Rietschel/Reuters)
A technician fixes a VW sign in the assembly line of German carmaker Volkswagen's electric ID. 3 car in Dresden, Germany,(Matthias Rietschel/Reuters)

Also Read: Samsung India says it pays its Chennai factory workers 1.8 times over the industry average: Report

"Instead of punitive tariffs this should be about mutually giving credit for investments. Those who invest, create jobs and work with local companies should benefit when it comes to tariffs," VW CEO Oliver Blume told Sunday paper Bild am Sonntag an interview.

The European Union will press ahead with tariffs on China-made electric vehicles, the EU executive said on Friday, even after the bloc's largest economy Germany and German carmakers rejected them, exposing a rift over its biggest trade row with Beijing in a decade.

Also Read: Billionaires learning from each other: Harsh Goenka shares top three lessons for success he learnt from Mukesh Ambani

The proposed duties on EVs built in China of up to 45% would cost carmakers billions of extra dollars to bring cars into the bloc and are set to be imposed from next month for five years.

The Commission, which oversees the bloc's trade policy, has said they would counter what it sees as unfair Chinese subsidies after a year-long anti-subsidy investigation, but it also said on Friday it would continue talks with Beijing.

VW's Blume told Bild am Sonntag that there was a risk that retaliatory tariffs by China would hurt European carmakers.

Also Read: Make your own hyper-realistic podcast with AI in minutes! How Google's Audio Overview can help you

Stay updated with the...
See more
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Breaking News Events and Latest News Updates on Hindustan Times.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, December 10, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On