China's SAIC to take legal measures after EU draft findings on EV subsidies

BEIJING: China's SAIC motor said on Wednesday it will take further legal measures to protect its rights and interests following the European Commission's draft findings from its anti-subsidy investigations into Chinese electric vehicles.

SAIC's 2024 overall sales encountered some short-term fluctuations due to pressure from Europe and the United States, the company said in a statement.

In response, SAIC plans to intensify its efforts to recover from these challenges and aims for a steady increase in monthly sales, it added.

The China Association of Automobile Manufacturers (CAAM) said it firmly opposes a revised draft from the European Union on punitive tariffs for Chinese made electric vehicles, Chinese state broadcaster CCTV reported on Wednesday.

The decision on the tariffs brings "enormous risks and uncertainty" for China's operations and investment in the EU, the association said, according to the CCTV report.

The European Commission published on Tuesday the draft findings of its high-profile investigation into alleged subsidies for imports of Chinese-made electric vehicles, which included some revisions to proposed punitive tariffs.

The Commission, which sets EU trade policy, said it still believed Chinese EV production has benefited from extensive subsidies and proposed duties of up to 36.3% on auto companies. In July it set a maximum initial planned duty of 37.6%.

The high tariffs have "damaged the confidence of Chinese enterprises operating in and investing in Europe," CAAM told CCTV.

It will have a "serious adverse impact on driving the development of the EU automotive industry, increasing local employment opportunities in the EU and achieving green and sustainable development," CAAM said.