Luxury vehicle maker BMW (Bayerische Motoren Werke ADR) (OTC: BMWYY) CFO has expressed concern over the European Union's probe into subsidies for EVs manufactured in China and exported to Europe, stressing that such scrutiny may instigate more issues than it solves.
BMW CFO Walter Mertl indicated that he wasn't in favor of imposing punitive tariffs and believed that while the investigation may protect companies with minimal sales in China, it could adversely affect every automaker operating within the nation, reported Reuters.
Mertl emphasized the risks of triggering retaliatory actions from Beijing, stating, "The backlash, like a boomerang, can be bigger than what one ...