China and EU Reach Deal to Curb Hybrid Vehicle Exports
China and the European Union agreed to curb hybrid vehicle exports, shifting from potential tariffs to a quota system. The deal aims to ease trade tensions while driving Chinese automakers to boost local production in Europe.
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China agreed to curb plug-in hybrid exports to the European Union, limiting shipments that surged to $7.5B in the first half of the year. The pact addresses the explosive growth of hybrid vehicles that bypassed the bloc's extra duties on fully electric imports. The agreement removes immediate tariff risks but replaces them with stringent quota constraints for major Asian exporters.
