New restrictions from China-EU agreement: China's €7.5 billion hybrid export boom to Europe hits a roadblock
As auto sales growth slows down in China, many automakers have stepped up exports of hybrid car models. These hybrid vehicles fall outside the EU's tariff scope targeting Chinese-made pure EVs, and the China-EU agreement limiting hybrid vehicle exports will deal a fresh blow to these automakers. According to data from China Customs, in H1 this year, China's hybrid vehicle export value to the 27 EU countries surged to $7.5 billion, tripling from $2.5 billion in the same period last year. That figure is nearly nine times the $845 million export value for the whole of 2021.