TECH - Chinese EV Makers Pivot To Africa Amid EU And US Tariff Hurdles | Benzinga
In response to the increased tariffs imposed by the European Union and the United States, Chinese electric vehicle (EV) manufacturers are exploring Africa as a potential market.
What Happened: The decision by the EU and U.S. to impose higher tariffs on Chinese EVs has led Chinese companies to seek alternative markets, South China Morning Post reported on Monday. Zhou Jiang, Vice President of Chinese EV maker Neta Auto, referred to the tariffs as “protectionist policies” and a “temporary setback.”
Zhou emphasized the significance of Neta Auto’s first African store in Kenya in the overseas expansion of Chinese EV brands. He mentioned that Africa, Southeast Asia, South America, and some European markets are all on the radar of Chinese EV brands.
On June 12, the European Commission announced additional tariffs of up to 38% on imported Chinese EVs from July 4, following the U.S.’s decision to quadruple duties for Chinese EVs from 25% to 100%. Both the EU and the U.S. accused China of distorting the market by providing subsidies to Chinese carmakers, ...