China agrees to cut hybrid car exports to the EU by more than half
Photo: theguardian.com
The EU and China reached an agreement on Friday that could reduce Chinese hybrid vehicle exports to the bloc by more than half over four years, cutting shipments by several million cars, EU trade commissioner Maroš Šefčovič said.
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After hybrid car deal, EU needs to rebalance China trade in other sectors, Dombrovskis says.
Weeeknd: EU plans 350,000 annual cap on Chinese hybrids after Beijing agrees 16-point deal.
- The reduction would cover plug-in and battery-powered hybrid cars, Šefčovič said at a news conference in Beijing.
- Context: Negotiations began in June and aimed to address the EU’s €1.18 billion-a-day trade deficit with China.
- China also agreed to lower tariffs on European goods worth about €4 billion and simplify export licensing for rare earths and permanent magnets.
- For markets: European automakers’ shares rose after the announcement, amid hopes of greater stability in the bloc’s car market.
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