Beijing warns of retaliation if Europe imposes curbs on Chinese businesses
China must "respond firmly" if the EU introduces restrictions on Chinese businesses or products, the Commerce Ministry said, according to a CNBC translation.
China's Commerce Ministry warned that it will respond firmly if the EU introduces restrictions on Chinese businesses or products. This statement comes as China's auto industry is projected to export around 12 million cars this year, a significant increase from 3 million in 2022.
Ford CEO Jim Farley expressed concerns about Chinese automakers entering the US market, citing Europe as a cautionary tale. According to Farley, Chinese imports have quickly grabbed market share in Europe, and it may be "too late" for European countries to react.
Farley stated that Ford will partner with Chinese companies when it is capital-efficient and in areas where the automaker lacks expertise, such as with Chinese battery maker CATL. However, he also noted that Ford will compete with Chinese companies directly, saying that these approaches are "not mutually exclusive".
Brief written by urgent.news from CNBC, CNBC World, The Business Times - Companies & Markets, Investing.com — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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