The EU wants to readdress the balance with duties on EVs, but European automakers fear retribution
The EU is poised to announce tariffs targeting Chinese-made EVs this week. Europe an automakers, including BMW , Volkswagen, and Mercedes , have opposed the move. The reason is that they are concerned about retaliation from Beijing, which will hurt their sales. The Europe an Union is set to finalize its plans on tackling low-cost Chinese electric vehicles this week. Like the U.S.
estimates that German carmakers obtain 20–23 percent of their profits from Chinese vehicle sales, while executives at BMW, Mercedes, and Volkswagen have all warned against the imposition of tariffs. BMW's CEO, Oliver Zipse, told investors that he didn't believe the industry needed protectionism and that by engaging in trade battles, you could very quickly shoot yourself in the foot.
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