According to Bloomberg, following the European Union's investigation into subsidies for Chinese electric cars, China's exports of electric vehicles to EU countries have seen a sharp decrease.
Chinese customs data shows that in the first two months of this year, the shipment of electric vehicles from China to the 27 EU member states slightly exceeded 75,600 units, down 19.6% compared to the same period last year.
Previously, since 2021, China's exports of electric vehicles to EU countries had been rapidly increasing, with most months showing strong year-on-year growth. The China Chamber of Commerce to The EU, a business lobbying group, stated in a report that the decline in exports in the first two months of this year "is not just a statistical anomaly but also reveals the complex challenges China faces internationally."
"The industry's current speculation mainly revolves around whether the EU's anti-subsidy investigation into Chinese electric vehicles has had a deterrent effect and is subtly affecting the dynamics of import and export trade," added the China Chamber of Commerce to The EU.
In October last year, the European Commission announced an investigation into whether subsidies from the Chinese government to electric car manufacturers provided them with unfair advantages. Earlier this month, the EU stated that it would impose additional tariffs on Chinese electric vehicles entering the EU, citing sufficient evidence that Chinese electric vehicles have been subsidized.
If the EU does impose tariffs, it will weaken the competitiveness of Chinese electric vehicle exports and increase the likelihood of similar measures being taken by other regions like the UK. There have been previous reports indicating that the UK is also considering investigating subsidies provided by the Chinese government to electric vehicle manufacturers.
