Thursday, July 18, 2024
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European countries are competing for Chinese EV factories as the EU weighs tariffs

European governments may be wary of cheap Chinese electric vehicles flooding their markets, but they are also competing fiercely for a share of the manufacturing investments and jobs that the new competitors will bring.

As the European Union examines China’s auto subsidies and considers tariffs on imports, national governments across the bloc are abandoning their own incentives to attract Chinese automakers looking to build European factories.

Production costs for Chinese EV makers, including BYD, Chery Automobile and state-owned SAIC Motor, are much lower domestically, but they are nevertheless keen to establish themselves in Europe to build their brands and save on shipping costs and potential tariffs, said Gianluca Di Loreto, partner at consultancy Bain & Company.

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