Chinese electric cars are putting pressure on European automakers

According to Reuters, EU officials recently stated that Chinese electric cars have put pressure on European automakers to produce low-cost electric cars. EU officials believe that the price of Chinese electric cars in the European market is about 20% cheaper than local models. This has also enabled Chinese electric cars to account for 8% of the European market. The EU officials claim that this figure will likely increase to 15% by 2025 if nothing is done. For this reason, the European Commission has launched a probe into whether to impose punitive tariffs on Chinese electric car imports to protect European…