Local time on May 22, the German "Business Daily", "Car Weekly" reported that China plans to reduce auto import tariffs, German automakers will become the biggest winner.
U.S. investment bank Evercore analysts analyzed that China will lower auto import tax from 25% to 10%-15%. The biggest winner is the German car company. German car companies can maximize this opportunity. "Reducing import tariffs will more effectively strengthen the economic and trade relations between China and Germany."
It is reported that lowering import tariffs will bring German automakers up to 4.5 billion euros in profit growth. Although this policy can also benefit U.S. car companies such as Tesla and Ford, it is obviously more beneficial to European car companies headed by Germany. Especially the luxury car brand. BMW, Daimler and Audi chose to produce cars in China because of high import taxes. After the reduction of tariffs, it is expected that the sales volume of the three luxury cars in Germany will increase significantly and production costs will decline. In addition, the only Japanese luxury car brand Lexus that does not have a factory in China is also expected to benefit from it.
Last year, China imported 1.22 million vehicles, which accounted for only 4.2% of the Chinese auto market. Imported cars are mainly American-made BMWs and Toyota cars, because many models designed for China are manufactured in the United States.
Foreign automakers have been calling for more open auto markets in China. Last year, Volkswagen’s sales of imported cars in China were 189,000, of which Audi was 50,300 and Porsche was 71,500.
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