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Bloomberg Daybreak: Europe Edition
Chinese EVs Lose Ground, Traders Shred Bets & 42M Tonnes of Rubble
Aug 16, 2024
European Union tariffs have significantly impacted Chinese electric vehicle registrations, leading to a 45% drop as local automakers feel the heat. Meanwhile, China's central bank is cautiously navigating economic recovery without drastic measures. In the U.S., robust economic data has traders reassessing future interest-rate cuts. The UK government is revamping compensation for victims of the contaminated blood scandal, while Gaza faces the monumental task of clearing 42 million tonnes of rubble amidst ongoing conflict and international negotiation efforts.
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Quick takeaways
- Chinese-made electric vehicles faced a substantial 45% drop in registrations in the EU due to newly implemented tariffs, heightening trade tensions.
- China's central bank is cautiously navigating economic stimulus options while addressing persistent consumer demand and fixed asset investment weaknesses.
Deep dives
Impact of Tariffs on Chinese Electric Vehicles
Recent data reveals a significant slowdown in the registration of Chinese-made electric vehicles (EVs) in the European Union following the implementation of new tariffs, with a reported 45% drop in July compared to June. This decline highlights the increasing trade tensions between Western nations and China, as efforts to protect local carmakers intensify. While some manufacturers, like BYD, have seen success with increased sales in Europe, the overall outlook indicates that selling vehicles in Europe will become more challenging for many Chinese automakers. The situation underscores the need for these companies to adapt by potentially shifting production facilities closer to their target markets.
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