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The European Union decided on Tuesday to definitively impose import duties on electric cars made in China. In July, the EU already introduced provisional levies that could amount to more than 30 percent. Recently, electric cars from China, such as BYD, SAIC and Lynk & Co, have become very popular in Europe. According to Brussels, Beijing gives its car manufacturers a lot of support, bringing the vehicles to…
It is the worst trade market day for Philips in 26 years. This was because the company reported Monday morning that sales in China were disappointing. This will probably continue to play tricks on Philips for the rest of the year, reducing revenue expectations. Philips last lost more market value in one day in September 1998. Even during the sleep apnea affair of recent years, the Amsterdam-based group…
It would be the first time ever that Volkswagen closes factories in home country Germany. Daniela Cavallo, chair of the works council, speaks of “starvation” by the management. “This means that even more products, shifts and complete production lines will be cut,” Cavallo says according to the Bloomberg news agency. Volkswagen employees were already planning to stop work on Monday. They protest against the plans to close factories.…
The European Commission’s proposal was adopted with 518 out of 635 votes. 56 MEPs voted against, 61 abstained. “A historic moment,” Roberta Metsola said after the vote result. “We are giving a clear message that Russia as an aggressor will have to pay for the destructions in Ukraine.” The support in the European Parliament is broad, as it became clear earlier during the debate on Tuesday. MEPs from…
ASML is already not allowed to sell its latest chip machines in China, while that is the largest market for the Veldhoven company. Stricter export rules now also apply to older machines. In doing so, the government wants to prevent China from using advanced chips for military purposes. “When you look at the geopolitical landscape, I think it’s clear that the United States will continue to put pressure…
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