Thursday, June 13, 2024

Latest Posts

Volvo shifting EV manufacturing to Belgium to keep away from China tariffs, The Occasions reviews By Reuters

(Reuters) – Volvo (OTC:) vehicles has began to shift manufacturing of Chinese language-made electrical automobiles to Belgium within the expectation that the European Union will drive forward with a crackdown on Beijing-subsidised imports, the Occasions reported on Saturday.

Volvo, which is majority-owned by China’s Geely, was contemplating halting gross sales of Chinese language-built EVs sure for Europe if tariffs had been launched, the newspaper mentioned, citing firm insiders.

Nonetheless, the report added that shifting manufacturing of Volvo’s EX30 and EX90 fashions from China to Belgium is predicted to negate the necessity for the corporate to take action and that the corporate insisted suspending gross sales of EVs made in China was now not being thought-about.

The manufacturing of sure Volvo fashions sure for the UK is also moved to Belgium, Occasions mentioned.

Volvo didn’t instantly reply to a Reuters request for remark exterior of normal enterprise hours.

The European Fee, which oversees commerce coverage within the 27-nation European Union, launched an investigation final yr into whether or not fully-electric vehicles manufactured in China had been receiving distortive subsidies and warranted further tariffs.

© Reuters. FILE PHOTO: Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo

The anti-subsidy investigation, formally launched on Oct. 4, can last as long as 13 months. The Fee can impose provisional anti-subsidy duties 9 months after the beginning of the probe.

Relations between China and the EU have been strained by components together with Beijing’s nearer ties with Moscow after Russia’s invasion of Ukraine. The EU is searching for to scale back its reliance on the world’s second-largest economic system, notably for supplies and merchandise wanted for its inexperienced transition.

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.