EconomyLens.com
No Result
View All Result
Saturday, September 6, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

BMW says EU probe into China EV subsidies against free trade

Thomas Barnes by Thomas Barnes
May 8, 2024
in Economy
Reading Time: 5 mins read
A A
3
32
SHARES
400
VIEWS
Share on FacebookShare on Twitter

German automakers have invested heavily in China in recent decades. ©AFP

Frankfurt (Germany) (AFP) – The chief executive of German luxury carmaker BMW on Wednesday warned the European Union’s investigation into Chinese electric car subsidies runs counter to free trade.

Related

Indonesia’s delayed new capital risks ‘white elephant’ status

‘Build, baby, build’: Canada PM’s plan to counter Trump

Tough negotiations and uncertainty ahead of OPEC+ meeting

Swiss minister eyes ‘opportunity’ after US tariff talks

88 postal operators suspend services to US over tariffs: UN

The EU launched the inquiry last year, fearing that Chinese subsidies are a threat to Europe’s own vast automotive industry.

The move enraged Beijing, sparking fears of a trade war between the bloc and the world’s second-biggest economy.

Oliver Zipse — CEO of BMW, which has major investments in China, the world’s biggest car market — said that the Munich-based group “always strives for free trade”.

“What we are experiencing today with the anti-subsidy investigation against China is exactly the opposite of what we expect,” he said during a call after the group reported falling profits in the first quarter.

It was unlikely BMW’s warnings would stop the EU imposing additional tariffs on Chinese car manufacturers, he said, but added that he hoped any such step would be temporary. “I would warn against doing something like that permanently — it would do much more damage to German industry,” he said.

He pointed out many Chinese imports to Europe are made by non-Chinese manufacturers with operations in the country, including German companies. “You see how quickly you can shoot yourself in the foot,” he said.

According to NGO Transport & Environment, nearly 20 percent of all electric cars sold across the EU last year were built in China — but more than half of those were made by Western carmakers. BMW has a major production base in Shenyang, where it manufactures cars through a joint venture.

Zipse’s comments came as the BMW group, which also makes Mini and Rolls-Royce cars, reported first-quarter net profit dropped 19 percent year-on-year to 2.95 billion euros ($3.17 billion) due to higher costs. Sales slipped 0.6 percent to 36.6 billion euros.

In China the group sold almost 183,000 BMW brand vehicles, down 4.1 percent from a year earlier.

Germany’s auto giants in particular have invested heavily in China in recent decades. They were already facing problems due to fierce local competition, and the fallout from the EU probe amounts to an extra headache.

If the EU concludes there are unfair practices, it could impose tariffs on Chinese car manufacturers above the standard 10 percent EU rate, but Brussels could also decide to do nothing.

The probe is one of several state aid investigations directed at China by the bloc in recent times, with the EU accusing Beijing of flooding Europe with subsidised goods.

© 2024 AFP

Tags: automotive industryChinaEU
Share13Tweet8Share2Pin3Send
Previous Post

China’s Xi welcomed with ‘respect and love’ in Serbia

Next Post

Europe stocks advance, London hits new record

Thomas Barnes

Thomas Barnes

Related Posts

Economy

Seizing Russian assets would risk ‘terrible systemic shock’ to euro: Belgian FM

September 5, 2025
Economy

The massive debt behind France’s political turmoil

September 5, 2025
Economy

US trade gap widest in 4 months as imports surged ahead of tariffs

September 5, 2025
Economy

Trump signs order to lower US tariffs on Japan autos to 15%

September 5, 2025
Economy

Cooling US jobs market in focus as political scrutiny heats up

September 5, 2025
Economy

China to impose temporary duties on EU pork

September 5, 2025
Next Post

Europe stocks advance, London hits new record

European stocks rise but Wall Street wobbles

EU queries X over cut to content moderation resources

US revokes some licenses for exports to China's Huawei

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

‘Build, baby, build’: Canada PM’s plan to counter Trump

September 6, 2025

Tough negotiations and uncertainty ahead of OPEC+ meeting

September 6, 2025

Swiss minister eyes ‘opportunity’ after US tariff talks

September 6, 2025

88 postal operators suspend services to US over tariffs: UN

September 6, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.