HIDDEN IMPACT! The Real Loser in the EU’s War on Chinese Electric Vehicles: Japan Auto Industry!
In May 2024, the White House announced a significant increase in tariffs on goods imported from China, including electric vehicles (EVs) and chip products. This policy will be in effect from 2024 to 2026, notably raising tariffs on electric vehicles from 25% to 100%. With the base tariff of 2.5%, the total import tariff on Chinese EVs will reach 102.5%. Following the U.S., the European Union also imposed similar sanctions on Chinese cars, implementing temporary countervailing duties on Chinese EV imports effective July 4. Interestingly, Japan has emerged as the biggest loser in this tariff war. How should China’s EV industry respond to the collective suppression by Western countries? And why has Japan become the major casualty in this conflict?
Chinese electric vehicles have gained favor among global consumers due to their price advantages, accounting for 20% of newly registered EVs in 28 European countries. In 2023, China exported 4.6 million automobiles, with 900,000 new energy vehicles going to Europe. This influx has pressured the EU, which attributes it to Chinese government subsidies. As a result, the EU launched an anti-dumping investigation, leading to high tariffs on Chinese EVs ranging from 17.4% to 38.1%, potentially becoming permanent policies.
Despite these challenges, Chinese EVs have strong positions in regions like Southeast Asia, Latin America, and the Middle East. In Thailand, Chinese EVs made up 80% of the new energy vehicle market in 2023. Local companies in these regions currently lack the capability to develop their own new energy vehicle brands, creating significant opportunities for Chinese automakers. Meanwhile, Japanese manufacturers, long dominant in Southeast Asia, face declining competitiveness due to lack of policy support for new energy vehicles. This shift poses a significant threat to Japanese car manufacturers, which are struggling to compete with the influx of competitively priced Chinese EVs.
In response to EU sanctions, China has restricted the import of European gasoline vehicles and launched an anti-dumping investigation into EU pork products, potentially causing significant economic losses for Europe. Meanwhile, Chinese EV companies are expanding their overseas production bases, such as BYD’s $1.3 billion investment in Indonesia and Great Wall Motors’ new factories in Malaysia, Indonesia, and Vietnam. This complex situation raises important questions about the future of global trade and the automotive industry.
#ChinaTariffs #ElectricVehicles #TradeWar #GlobalAutomotiveIndustry #ChinaEVExports
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