BMW boss Oliver Zipse warns of unwanted side effects of the introduction of punitive duties on Chinese cars in the European Union. If anti-dumping tariffs actually come into effect, it will harm German industry much more than the other way around.
“When you see that more than half of Chinese imports from China to Europe come from non-Chinese manufacturers, namely German manufacturers, you see how quickly you can shoot yourself in the foot,” he said on Wednesday at the presentation of the quarterly figures. .
Germans themselves import from China
BMW imports the electric version of the Mini and the iX3 from China to Europe, while Volkswagen produces the Cupra electric SUV Tavascan in the People’s Republic for the global market. The European Commission is currently investigating anti-dumping duties on electric cars from China. The results of the study are not expected to be available until November, but the EU could impose provisional tariffs as early as July.
“We do not believe that our sector needs protection,” Zipse said in a call with analysts. BMW and other car manufacturers depend on China, not only because the People’s Republic is now the most important internal market for many, but also because of the raw materials needed. “There is not a single car in the EU without parts from China.” This is especially true for electric cars.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
