To avoid the import duties, it rained Chinese cars.
Unfortunately, peanut butter for Chinese cars and all cars of European make that are produced on Chinese soil. Since July 5, the EU has been applying an import duty to bring the vehicles to our continent.
Chinese Car Import Duties
These developments have ensured that the Chinese have not been sitting still in recent times. Various brands have made plans to build factories in Europe. In order to be ahead of the import duties, another development has taken place.
The import duties came into effect on July 5, 2024. What do you do then as a Chinese carmaker? Exactly, make sure those cars arrive on European soil before July so that they can be sold just before the tariff minus the import duties.
We see this reflected in the figures. In June of this year, 23,000 cars from China were registered on European soil. An increase of no less than 72 percent compared to May. Never before have so many cars from China come to our continent in one month. This is evident from information from Dataforce.
The figures for July are of course not yet known. In less than 48 hours this month will be over and then we will have to wait and see what the data will show. Expect a big dip compared to a month ago.
Because it suddenly rains Chinese cars here, the market share of brands from the Asian country increased by 11 percent. If you have seen thousands of Chinese cars in and around European ports in recent months, you now know why. Quickly drop off a few loads to avoid those levies. Smart guys, those Chinese.
The number of Chinese car brands now runs into the dozens. Some of them are active in Europe. Well-known brands now include BYD, Aiways, XPeng, Nio and Lynk & Co.
Photo credit: Nio ET5 Touring, @Maurice16 via Car Whiz Spots
