China and EU strike deal to halve Chinese hybrid exports
The "shared understanding" would "moderate" China's export of the cars to the EU, and would cut the imports of several million cars over four years.
Beijing – China and the European Union have reached an agreement that could slash Chinese exports of hybrid cars to the bloc by more than half, Trade Commissioner Maros Sefcovic announced following talks in China. The "shared understanding" aims to moderate China's hybrid and plug-in hybrid vehicle exports to the EU, potentially cutting imports of several million cars over a four-year period, Sefcovic stated after the two-day negotiations without disclosing implementation details.
European carmaker stocks, which have been declining for two years due to U.S. tariffs and rising Chinese vehicle exports, initially rose following the news.
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