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According to the report released on Tuesday by the unit of German insurer Allianz, policymakers need to meet the challenge with reciprocal tariffs on imported cars from China, do more to develop EV battery materials and technologies, and also allow Chinese carmakers to build cars in Europe. Global carmakers have pledged to make a comeback in China with a large number of EVs in a fast-moving market where the pressure to cut prices is getting more intense.
Chinese EV imports could cost the European Union over €24bn in economic output in 2030, or 0.15% of the bloc's GDP , Allianz Trade said.
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