China’s EV Exports to EU Slump at Start of Year Amid Probe

Bloomberg03-26

Shipments during January-February fall by nearly 20%China business group says decline a sign of protectionismBYD electric cars at the international container terminal of Taicang Port in Suzhou, 异动a....

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In October, the European Commission launched a probe into whether Chinese government subsidies had given its manufacturers an unfair advantage.Earlier this month, the EU said it’s moving closer to imposing additional tariffs on Chinese electric vehicles entering the bloc, citing what it called new proof that the government in Beijing is providing illegal financial support for the industry.If the EU does impose duties, that would curtail a major market for Chinese EV exports, raising the prospect of similar moves in places like the UK to protect their markets being flooded by vehicles redirected from the EU.Analysts often combine January and February economic data related to China to allow for more accurate comparisons, because of the moving date of the lunar new year which impacts economic activity.The decline in exports in the first two months this year “transcends a mere statistical anomaly, shedding light on the complex challenges China faces internationally,” said the China Chamber of Commerce to the EU, a business lobby group said in a report.“Speculation revolves around whether the EU’s anti-subsidy investigation into China’s EVs has exerted a dissuasive effect or is subtly influencing the dynamics of import-export trade,” it added.The rapid growth in Chinese EV exports to EU countries since 2021 is reflected in the Chinese customs data with most months showing strong year-on-year growth. But there have been year-on-year declines in some other recent months, such as August and November last year.The European Commission said earlier this month it had found a substantial increase in imports of EVs from China after it announced the probe, citing European data showing a 14% on-year increase between October 2023 and January 2024.China’s data show a fall in EV exports to EU countries of about 4% on-year over the same period. 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