Global Autos: European Auto Industry: Additional Potential Tariffs on Chinese Car Imports

研报英文原文证据摘录

Global Autos: European Auto Industry: Additional Potential Tariffs on Chinese Car Imports

J P M O R G A N Europe Equity Research

22 June 2026

Global Autos

European Auto Industry: Additional Potential Tariffs on

Chinese Car Imports

The European Union is preparing to impose countervailing tariffs on Chinese plug- European Autos & Auto Parts

ACin hybrid cars, according to a Handelsblatt report citing EU officials and industry Jose M Asumendi

sources (19th June). According to Handelsblatt, the European Commission could (44-20) 7742-5315

quickly impose tariffs once a majority of EU member states give their consent. jose.m.asumendi@jpmorgan.com

Chinese OEMs have been taking rapidly market share over the past two years but J.P. Morgan Securities plc

we would highlight that the market share evolution has been accelerating Piyush Singla

particularly over the past 12 months. We estimate that Chinese OEMs have already (91-22) 6157-3324

piyush.singla@jpmorgan.com

taken ~12% market share in Europe, and in some countries such as the UK, Spain J.P. Morgan India Private Limited

and Italy between 17%-20% market share. Over the past 12 months we have seen

a steady increase in plug-in hybrid penetration across the UK, Spain and Italy with Specialist Sales contact details:

Phev penetration currently in a range between 10-14% versus last year between Sam Edmunds - Specialist Sales -

6-12%. The planned tariffs on plug-in hybrids are expected to be manufacturer- European Industrials

specific, according to the Handelsblatt report. However, these are likely to be lower (44-20) 7742-8733

on average than those for full battery-electric vehicles (additional to the basic sam.edmunds@jpmorgan.com

import tariff, between 7.8%-35%), as the battery accounts for a smaller share of the