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Europe Imposes Tax on Chinese Electric Vehicles in 2024
By Shubhendra Anand , 25 October, 2024
European countries are imposing taxes on electric vehicles from China in 2024. The clean energy transition globally is driving electric vehicle production. It is a better alternative to conventional vehicles for reducing carbon emissions. China's electric vehicle market size is relatively more significant than in Western countries. Asian countries are investing in the production of electric vehicles to meet consumer demand. However, the growth of Chinese electric vehicles fears the Western automotive industries in 2024. Hence, the European Commission applies taxes on Chinese electric vehicles after the United States did the same in 2024.
The United States, in the first half of 2024, announced the imposition of taxes on Chinese-made electric vehicles. European Commission announced the heavy imposition of taxes on electric vehicles soon after the United States' announcement in 2024. There are several reasons why Western countries are barring Chinese electric cars from being sold. European Commission's decision to impose taxes on imported Chinese EVs may also support jobs in the automotive industry. Experts claim that to reduce the Chinese influence on the electric vehicle industry. It will help strike a balance in the global automotive sector in 2024, or China may soon stand out as the largest exporter of electric vehicles.China is the leading country in electric vehicle manufacturing worldwide. The country accounts for 60 percent of electric vehicle sales globally in 2024. Survey results show that the electric vehicles market size will be at USD 305.57 billion in 2024. The country anticipates a growth of USD 674.27 billion in the electric vehicles sector by 2029. In China, the demand for electric vehicles is growing with the development of infrastructure to support the growth of electric vehicles. However, it is not the same in other countries where the acceptance of electric vehicles is increasing gradually. The heavy demand for electric vehicles in the transportation sector is due to clean energy transition. It will help reduce carbon emissions in the environment. Unlike conventional vehicles, electric vehicles need charging infrastructure. China builds charging infrastructures to meet the demand for electric vehicles. Hence, it is not easy to beat China in developing electric vehicles.
Europe imposes taxes on Chinese electric vehicles:
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