VWAGY - Chinese Carmakers Urge Beijing To Increase Tariffs On EU Gasoline Cars In Retaliation For EV Tariffs: Report | Benzinga
Chinese carmakers have reportedly called upon Beijing to raise tariffs on European gasoline-powered cars. This move is seen as a retaliatory measure against the European Union’s restrictions on the export of Chinese-made electric vehicles.
What Happened: The Chinese auto industry appealed during a closed-door meeting on Tuesday. The meeting was organized by China’s Ministry of Commerce and was attended by both Chinese and European car companies, including SAIC, BYD (OTCPK: BYDDY), Bayerische Motoren Werke AG (OTC:BMWYY), Volkswagen (OTCPK: VWAGY), and Porsche Automobil (OTC:POAHY), Reuters reported citing the state-backed Global Times.
The industry representatives suggested that Beijing should consider raising the provisional tariff on gasoline cars with large-displacement engines. This request comes in response to the EU’s recent imposition of tariffs to protect its car industry from Chinese competition.
“Personally, I think it ...