FT News Briefing The target painted on Chinese EVs
Jun 14, 2024
Chinese electric vehicle manufacturers are bracing for the EU's new tariffs, which aim to protect local markets from competitive threats. Meanwhile, Toyota finds itself in hot water amid a scandal that could shake investor confidence just before its shareholder meeting. The discussion also touches on global tensions in the automotive industry, including the U.S. import levies and concerns about safety and data compliance within major Japanese automakers. Keir Starmer unveils ambitious tax plans, stirring up the political landscape in the UK.
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EU Tariffs on Chinese EVs
- The EU imposed tariffs on Chinese EVs due to concerns about illegal state support and the influx of cheaper, high-tech vehicles.
- Experts believe these tariffs might not significantly hinder Chinese EV makers in the long run.
China's Response to Tariffs
- China views the European tariffs as protectionist and may retaliate strategically, like investigating French cognac shipments.
- However, China will likely avoid actions that harm its own interests, focusing on emerging markets.
Japanese Carmakers Data Scandal
- Toyota, Honda, Mazda, Subaru, and Yamaha face scrutiny over data inaccuracies in safety tests for several models.
- These issues range from data deficiencies to potentially deliberate errors but don't appear to be a large-scale fraud.