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European Union countervailing investigation spreads to foreign companies, Porsche executives speak out

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)10/26 Report--

Lutz Meschke, Porsche's chief financial officer, attacked the EU for launching a countervailing investigation into electric cars imported from China, saying the move would "not help" the EU, according to the Financial Times. especially for Germany, which relies heavily on exports to China, German carmakers will "oppose" any "tariff war" between Brussels and Beijing. Reported that, as a strong group of German carmakers, Porsche will oppose any new tariffs.

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In fact, many executives of overseas car companies have criticized the EU for conducting countervailing investigations into electric vehicles exported from China. Walter Myrtle, chief financial officer of Germany's BMW Group, said on Oct. 6 that the European Union had asked BMW to provide information about BMW iX3 cars manufactured and exported at its factories in China. Mr Myrtle believes that the EU investigation, which gathers information not only on Chinese electric carmakers such as BYD, but also on western carmakers making cars in China, could do more harm than good. Myrtle warned that China could take retaliatory measures against European carmakers. "this counterattack is like a boomerang, which may be bigger than people think."

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Oliver Blume, chief executive of Germany's Volkswagen Group, said at an event: "We advocate fair competition, but protectionism should not arise. EU actions will lead to more protectionism." Obermu said that the strong market position of Chinese car companies is based on their own strength, and Volkswagen is also adjusting its targets for the Chinese market, hoping to become the largest international carmaker in the local market. He believes that car companies should pay more attention to how to create competitive industrial conditions, if they are strong enough, they do not have to be afraid of competition outside Europe.

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On Sept. 13, European Commission President Ursula Ursula von der Leyen announced that he would launch a countervailing investigation into Chinese electric cars because of EU concerns that Chinese car companies produce low-cost electric cars through large government subsidies, which could threaten the development of local electric vehicles when they pour into the EU market. On October 4, the European Commission officially announced its decision to launch a countervailing investigation into pure electric vehicles imported from China.

The European Union finally decided to launch a countervailing investigation into pure electric vehicles from China, and China responded strongly to make its position clear. The Ministry of Commerce said that the countervailing investigation launched by the European side was only based on subjective assumptions about the so-called subsidy programs and threats of damage, lacked sufficient evidence to support it, and did not comply with the relevant WTO rules. China expressed strong dissatisfaction with this. The European side asked China to conduct consultations within a very short period of time and failed to provide effective consultation materials, which seriously damaged the rights of the Chinese side.

In fact, the countervailing investigation launched by the EU will affect not only Chinese electric car companies, but also multinational automakers that produce electric vehicles in China and export to the European Union, including Mercedes-Benz, BMW, Volkswagen and Tesla of the United States. this is also the reason why these auto company executives openly oppose the EU countervailing investigation.

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In addition, China has become the largest single market for German brands, including Volkswagen, BMW, Mercedes-Benz and Porsche. Take BMW as an example, its global sales in the first three quarters totaled 1.8366 million vehicles, up 1.8% from the same period last year, of which 602800 were sold in China, up 1.7% from the same period last year, making it BMW's largest single market in the world.

A spokesman for China's Ministry of Commerce said that China urges the European side to prudently use trade relief measures in the overall situation of maintaining the stability of the global industrial chain supply chain and the China-EU comprehensive strategic partnership. We will encourage the new energy industry represented by electric vehicles to deepen cooperation and create a fair, non-discriminatory and predictable market environment for the common development of the China-EU electric vehicle industry. China will pay close attention to the follow-up investigation procedures of the European side and firmly safeguard the legitimate rights and interests of Chinese enterprises.

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