Chinese EV exports recover after EU tariffs, strengthening market dominance
File photo shows electric cars for export waiting to be loaded on the "BYD Explorer NO.1", a domestically manufactured vessel intended to export Chinese automobiles, at Yantai port, in eastern China's Shandong province, on Jan. 10, 2024. (AFP Photo)
China’s electric vehicle (EV) exports to the European Union showed signs of recovery despite high tariffs, surging significantly in December.
According to data released this week by China’s General Administration of Customs, 32,849 electric vehicles were exported from China to EU countries last month. This marked an 8.3% increase in December compared to the same period the previous year, following a downward trend observed in the two preceding months.
Following the EU’s tariff hikes, China’s exports experienced a sharp decline, falling by 40% year-on-year in October and 25% in November against the EU’s protective measures.
Tariffs still fall short of curbing Chinese EV exports
The European Commission initiated a subsidy investigation in October 2023 into electric vehicles imported from China. As a result, additional customs duties of up to 35% were imposed on Chinese vehicle imports. These additional tariffs, approved by EU member states on Oct. 4, 2024, raised the total duty rate to 45%.
Despite a 6% decrease in China’s electric vehicle exports to the EU in 2024, December’s data underscored the EU’s role as a significant market for Chinese EVs, accounting for nearly 30% of China’s total vehicle exports for the year.
