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The European Commission plans to carry out inspections of several Chinese car manufacturers, including: BYD company (OTC:BYDDY), geely automobile holdings (OTC:GELYY) (OTC:GELYF), and SAIC Motoras part of an investigation into possible punitive tariffs to protect European electric vehicle (EV) manufacturers.
The study aims to assess whether Chinese-made EVs are receiving unfair benefits from state subsidies.
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The study, which began in October and is scheduled to last 13 months, will not include non-Chinese brands produced in China. tesla Co., Ltd. (NASDAQ:TSLA), renault S.A. (OTC:RNLSY) (OTC:RNSDF), and BMW (OTC:BMWYY), Reuters reported.
The inspections, which China describes as protectionist, have heightened tensions between China and the European Union.
A European Commission investigation team is currently in China or expected to arrive soon and will carry out confirmatory tests on site.
This process involves evaluating automakers’ responses to previously published surveys. The Commission aims to complete these verification visits by April 11 as part of the initial phase of the investigation.
Chinese EVs are increasing significantly in the European market, currently accounting for 8% share and expected to reach 15% by 2025.
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These vehicles typically sell for 20% less than vehicles manufactured in the EU. This poses a competitive threat to European automakers.
The investigation comes as broader tensions between the EU and China have worsened due to Sino-Russian relations following the invasion of Ukraine.
The EU is moving forward with efforts to reduce its dependence on imports from China in preparation for a green transition. In retaliation, China recently launched an anti-dumping investigation into European brandy imports.
Chinese EV manufacturers such as BYD, Xpeng Inc. (NYSE:XPEV) and Nio Co., Ltd. (NYSE:NIO) is increasingly focused on international expansion, particularly in Europe.
China’s presence in the global automobile export market is increasing. Last year, it overtook Japan to become the world’s largest automobile exporter, shipping 5.26 million vehicles (worth about $102 billion).
price action:BYDDY stock is trading 0.20% pre-market at $54.28 at last check on Friday.
Disclaimer: This content is created in part using AI tools, and reviewed and published by Benzinga editors.
Image: Shutterstock
Option 101: Beginner’s Guide
Want to become an options master? Options expert Nic Chahine’s free report includes 4 perfect tips for beginners, the secret to earning 411% in options, and his proven success. Provides access to ‘plans’. Get your free copy of Options 101: The Beginner’s Guide as soon as possible.
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