China carmakers pivot to hybrids for Europe to counter EV tariffs

Quick Summary:

China hybrid exports to Europe are expected to grow 20 per cent this year, analyst says.

Major Chinese carmakers could upend the European plug-in hybrid market dominated by European and Japanese firms as they meet rising demand for affordable cars with better fuel economy amid rising inflation.

Some manufacturers are also shifting production and assembly to Europe to lower the cost around tariffs.“The increase is driven by Chinese OEMs shifting toward PHEVs (plug-in hybrids) as a way to sidestep the new EU tariffs on BEV (battery-powered EVs) imports from China,” said Mr Murtuza Ali, an analyst at Counterpoint Research.

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Category: EconomyBusiness

Markets: SingaporeCanadaChinaJapan

Topics: Tariffs Plug-in Hybrid Chinese European China Cent Europe Exports First Carmakers

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-05 @ 15:42:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Readers: 58 people read this story

Article Length: 892 words

Reading Time: 5 minutes read

Sentences: 27 lines

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Copyright Owner: © The Straits Times

News ID: 24135598

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