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Volvo Car AB (OTC:VLVOF) (OTC:VLVCY) has reportedly initiated the transfer of its Chinese-made electric vehicle production to Belgium in response to impending European Union tariffs on China-manufactured EVs.
The company plans to move the assembly of the EX30 and EX90 models, along with some U.K.-bound models, to Belgium.
Volvo, owned by Zhejiang Geely Holding Group Co. (OTC:GELYY), faces significant exposure to these potential tariffs, reported Bloomberg, citing the Times.
Ongoing trade disputes between the EU and China have prompted several anti-dumping investigations against Beijing, alleging unfair subsidies.
The EU is expected to announce this week whether it will impose provisional tariffs starting July 4, increasing import duties above the current 10% level.
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According to the report, a Volvo spokesperson stated, “The decision to also build the EX30 in Ghent reflects our ambition to build our cars where we sell them as much as possible.” The company had previously disclosed the additional capacity in Belgium.
China accused the EU of attempting to “suppress” Chinese companies and vowed to protect its interests.
According to Xinhua News Agency, Commerce Minister Wang Wentao described the accusations as baseless and urged the EU to abandon trade protectionism in favor of dialogue and cooperation.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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