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HomeFinanceVolvo is transferring EV manufacturing from China to Belgium because the EU...

Volvo is transferring EV manufacturing from China to Belgium because the EU eyes tariffs on Beijing



Volvo Automotive AB has began to shift manufacturing of Chinese language-made electrical autos to Belgium because the European Union prepares to impose tariffs on China-made EVs, the Occasions reported.

On high of transferring manufacturing of Volvo’s EX30 and EX90 fashions to Belgium, the carmaker can also transfer meeting of some Volvo fashions sure for the UK, the report mentioned, citing unidentified folks. Volvo, which is owned by Zhejiang Geely Holding Group Co., is seen as essentially the most uncovered amongst western automakers to the potential tariffs, the Occasions mentioned.

Commerce frictions between the EU and China have led to a barrage of anti-dumping probes towards Beijing amid allegations of unfair subsidies. The EU is anticipated to inform EV makers in China as early as this week on whether or not it can impose provisional tariffs from July 4 that may increase import duties above the present stage of 10%. 

Volvo Automotive denied the Occasions’ report, saying “it’s untimely to take a position on the implications of what this investigation will conclude, or any potential measures.”

“The choice to additionally construct the EX30 in Ghent displays our ambition to construct our automobiles the place we promote them as a lot as doable,” a spokesperson mentioned in an emailed assertion. The extra capability in Belgium had been beforehand disclosed, in keeping with the corporate.

China final week accused the EU of working to “suppress” Chinese language corporations and mentioned it can take motion to safeguard its pursuits.

The accusations of unfair competitors towards China are utterly unfounded, Xinhua Information Company reported Sunday, citing earlier feedback from Commerce Minister Wang Wentao. Wang mentioned he hoped the EU would abandon commerce protectionism and return to the trail of dialog and cooperation, Xinhua mentioned.

In a separate dispute, Chinese language dairy corporations are getting ready to ask Beijing to open an anti-dumping investigation towards imports from the EU, the International Occasions reported yesterday, with out offering particulars.

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