Jonathan Reynolds weighs Chinese EV tariffs after sales soar
Jonathan Reynolds is reportedly weighing up whether to impose tariffs on Chinese EVs as the business secretary grapples with a surge in imports. Ministers are concerned that Chinese carmakers are “dumping” subsidised vehicles into the UK, the Times reported, and are considering adopting the 45 per cent tariff levied on Chinese cars by the EU. [...]
British Business Secretary Jonathan Reynolds is reportedly considering imposing tariffs on Chinese electric vehicles (EVs) in response to a surge in imports, according to a report in the Times. The government is concerned that Chinese carmakers are "dumping" subsidised vehicles into the UK at a rate that could undermine domestic manufacturers.
EU officials are also reportedly putting pressure on the UK to adopt a 45 per cent tariff on Chinese EVs to ensure the country is deemed a "trusted partner" under a new European policy. The "Made in Europe" initiative aims to reduce imports and promote European-made goods.
Chinese EV sales in the UK have set a record, with over 300,000 units sold this year alone. Chinese carmakers now make up five of the top 25-performing brands in the first nine months of the year, accounting for nearly a quarter of the market by volume. The best-selling Chinese brand, MG, sold just under 80,000 units, followed by BYD with 68,000 units.
The surge in Chinese EVs has been driven by a shift away from combustion engine vehicles in the UK, as consumers opt for more environmentally-friendly alternatives amid rising fuel prices. Plug-in hybrid registrations have increased by 55.7 per cent, and battery electric vehicle (BEV) demand has climbed 36.3 per cent to record levels.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
