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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Volvo is moving EV production to Belgium to escape Chinese tariffs, reports The Times.

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Volvo Cars has begun to relocate the manufacture of Chinese-made electric vehicles to Belgium in the assumption that the European Union will go ahead with a crackdown on Beijing-subsidised imports, the Times said on Saturday.
Volvo, which is majority-owned by China’s Geely, was considering suspending sales of Chinese-built EVs heading for Europe if duties were imposed, according to the newspaper, citing company sources.

However, the newspaper stated that transferring the manufacture of Volvo’s EX30 and EX90 models from China to Belgium is likely to eliminate the need for the firm to do so, and that the corporation argued that suspending sales of Chinese-made EVs was no longer an option.
According to the Times, certain Volvo models destined for the United Kingdom could also be manufactured in Belgium.

A view shows the logo of Chinese automobile manufacturer Geely at a dealership in Moscow, Russia, March 23, 2023Maxim Shemetov/File Photo

The European Commission, which handles trade policy in the 27-nation European Union, initiated an investigation last year into whether fully-electric cars manufactured in China received distorting subsidies and justified additional duties.
The anti-subsidy probe, which officially began on October 4, might run up to 13 months. The Commission may impose temporary anti-subsidy obligations nine months after the investigation begins.

China-EU relations have been strained due to issues such as Beijing’s increasing connections with Moscow following Russia’s invasion of Ukraine. The EU aims to lessen its reliance on the world’s second-largest economy, particularly for resources and products required for its green transition.

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