Chinese carmakers Xpeng and NIO said on Thursday they had no intention of leaving the European market following the EU’s imposition of compensatory surcharges on electric vehicles from China.
The European Union (EU) on Thursday imposed additional customs duties of up to 38% on imports of Chinese electric cars, ahead of a final decision in November, accusing Beijing of having illegally favoured its manufacturers.
Following an anti-subsidy investigation launched in October, Brussels announced these surcharges on June 12, while beginning talks with Beijing to try to resolve the problems and defuse the risks of a trade war.
Manufacturers seek to minimize the impact on the final price
Chinese manufacturer Xpeng, known for its designer models, has said it plans to remain in the European market. “As a company with a global vision, Xpeng will not change its strategy of exploring overseas markets. We will find ways to minimize the impact on consumers” in Europe, the company said.
Chinese rival NIO, which produces high-end models, said on Thursday it was “closely monitoring” the matter.
“At this time, NIO maintains the prices of its current models in its European markets. However, it cannot be excluded that prices will be adjusted later due to the imposition of these customs duties,” the company said.
“Despite this development, NIO remains fully committed to the European market: we believe in promoting competition and in the interest of consumers, and we look forward to reaching a solution with the EU before definitive measures are implemented in November 2024.
Four months of negotiations
The European executive now has up to four months to decide whether to impose definitive tariffs, leaving a window open for dialogue with China.
The China Chamber of Commerce in the EU, for its part, denounced Brussels’ imposition of compensatory surcharges on electric cars from China, saying it was “firmly opposed” to a “protectionist measure” motivated by “factor policies”.
The organisation, however, welcomed in a statement the ongoing consultations between Brussels and Beijing and said it hoped for “a solution as soon as possible” to prevent the EU from making these additional customs duties final before November.
Source: BFM TV
