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The European Commission is set to conduct inspections of several Chinese automakers, including BYD Company (OTC:BYDDY), Geely Automobile Holding (OTC:GELYY) (OTC:GELYF), and SAIC, as part of a probe into potential punitive tariffs to protect European electric vehicle (EV) manufacturers.
This investigation aims to evaluate whether Chinese-made EVs are gaining an unfair advantage from state subsidies.
Launched in October and expected to last 13 months, the probe will not include non-Chinese brands produced in China, such as Tesla Inc (NASDAQ:TSLA), Renault SA (OTC:RNLSY) (OTC:RNSDF), and BMW (OTC:BMWYY), reported Reuters.
The inspection, described as protectionist by China, has heightened tensions between Beijing and the European Union.
The European Commission’s investigative team, currently in China or scheduled to arrive soon, will conduct on-site verification checks.
The process involves assessing the automakers’ responses to previously issued questionnaires. The Commission aims to complete these verification visits by April 11 as part of its initiation stage of the investigation.
Chinese EVs have seen a considerable rise in the European market, currently holding an 8% share, with projections of reaching 15% by 2025.
These vehicles generally retail at prices 20% lower than those made in the EU. This poses a competitive threat to European automakers.
The investigation comes amidst broader tensions between the EU and China, exacerbated by Beijing’s relationship with Moscow after the invasion of Ukraine.
EU’s is taking efforts to reduce dependency on Chinese imports for its green transition. In retaliation, China recently initiated an anti-dumping investigation into European brandy imports.
Chinese EV makers like BYD, Xpeng Inc (NYSE:XPEV) and Nio Inc (NYSE:NIO) are increasingly focusing on international expansion, especially in Europe.
China’s prominence in the global auto export market is growing. It surpassed Japan as the world’s largest auto exporter last year, shipping 5.26 million vehicles valued at about $102 billion.
Price Action: BYDDY shares are trading higher by 0.20% at $54.28 in premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: BMWYY BYDDY GELYF GELYY NIO RNLSY RNSDF TSLA XPEV
