"EU to Limit Chinese Hybrid Car Imports to 350,000 Units Annually"

The European Union (EU) will implement safeguard measures to limit imports of Chinese hybrid vehicles to 350,000 units annually starting December 1, Bloomberg reported.

Bloomberg reported this on the 11th (local time), stating that it had obtained a draft document outlining the safeguard measures. According to the document, a cap of 350,000 units will be applied in the first year, with the limit increasing by 6% each year thereafter.

These measures will remain in effect for four years.

To comply with the World Trade Organization's (WTO) principle of non-discrimination, the cap will apply to imports of all hybrid vehicles, not just those from China, Bloomberg reported.

The document also specified that China's cap will not be smaller than any cap applied to other importing countries.

This agreement applies to both hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs).

Additionally, the agreement targets vehicles from all origins imported into the EU, including countries with which the EU has free trade agreements (FTAs).

Earlier, Chinese Commerce Minister Wang Wentao and Maroš Šefčovič, the EU Commissioner for Trade and Economic Security, held the 2nd China-EU Economic and Trade Consultation in Beijing over a two-day period from the 8th, and issued a joint statement on the 9th.

According to the joint statement, the two sides reached an understanding on hybrid vehicle trade in a manner consistent with WTO rules.

During a press conference, Commissioner Šefčovič said, "We have reached a common understanding to manage EU exports of Chinese hybrid and plug-in hybrid cars," adding, "This opens up the possibility of reducing China's exports by more than half."

He added that China has agreed to lower tariffs on certain products, including EU auto parts and olive oil, saving at least 225 million euros (approx. 338 billion KRW).

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.