BYD (SHE:002594, HKG:1211) and Chery are boosting plugin-hybrid sales in Europe to avoid steep European Union tariffs on Chinese-made electric vehicles, Reuters reported Friday.
BYD sold 3,269 plugin-hybrids in March, up from near zero in July 2024 when tariffs began, while Chery sold 757 plugin-hybrids, the report said, citing data from research firm Rho Motion.
The EU imposed tariffs of up to 45.3% on Chinese battery-electric vehicles in November 2024 to block cheap imports, Reuters wrote.
It was inevitable that manufacturers would find a way back into the EU market through hybrids, the report cited Didi Bostock, membership editor at Rho Motion.
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