EU-China EV Trade Tensions: A Balancing Act for Europe's Auto Industry

The European automotive industry is facing a significant challenge from Chinese electric vehicle (EV) manufacturers, prompting the European Union to consider imposing substantial tariffs. This move comes as Chinese EV imports to Europe have skyrocketed, growing from $1.6 billion in 2020 to $11.5 billion in 2023. Chinese and Chinese-owned brands have rapidly expanded their market share, from just 1% of the EV market in 2019 to approximately 15% in the first half of 2024.