BMW issues warnings about potential adverse outcomes following EU ballot
BMW raises concerns about potential drawbacks following EU's decision on additional taxes for Chinese electric vehicles. "This vote delivers a disastrous message for the European automotive sector," stated Oliver Zipse, the chief of BMW based in Munich.
"Swift dialogue is necessary between the EU Commission and China to ward off a trade dispute, the outcome of which would only benefit no one. Germany's vote against the tariffs bolsters the prospects of reaching a bargained settlement."
In a session held in Brussels, an adequate number of EU countries failed to veto EU's additional taxes on Chinese electric vehicles. Consequently, the EU Commission, disregarding Germany's objections, possesses the authority to impose taxes as high as 35.3%. Such measures are retaliation to Chinese subsidies. The implementation of these taxes hinges on the success of negotiations with China.
"Germany, sharing BMW's concerns, believes that imposing taxes on Chinese electric cars could negatively impact the sales of Electric cars within the EU market."
"Amidst these developments, there's a growing pressure on the EU and China to find a solution, ensuring the continued growth of the Electric cars industry without exorbitant taxes."
