High costs, stiff competition from Chinese EVs: German automakers face rough road ahead

Quick Summary:

In recent months, Germany’s big three auto companies have issued profit warnings amid tariff tension between the European Union and China.

German firms still maintain about 15 per cent of car sales in China, though this dropped from a pre-pandemic high of 25 per cent.

To try and shield its auto sector from what it says is unfair state-backed subsidies, the EU recently announced additional tariffs of up to 36.3 per cent on Chinese-made EVs.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaGermanyIndiaUnited States

Topics: Chinese China Cent Germany Auto Three German Months Companies Been Profit

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-21 @ 17:41:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 704 words

Reading Time: 4 minutes read

Sentences: 31 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 23734818

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 27 posts per day

Year Established: 1999

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News Last Updated: 4 hours ago

Coverage Areas: Singapore

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Publisher ID: #27

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