The European Commission accepts Volkswagen China's pure electric vehicle price commitment.

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According to the China Chamber of Commerce to the EU, the European Commission announced on February 10 that it accepts Volkswagen's price undertaking for the export of pure electric vehicles. According to this decision, Volkswagen (Anhui) Automotive Co., Ltd. may export its CUPRA Tavascan model to the EU at or above the minimum import price it proposed, and will be exempt from the countervailing duties previously imposed on pure electric vehicles imported from China.

The European Commission stated that the price undertaking was proposed by Volkswagen and its EU affiliate, SEAT S.A., located in Martorell, Spain. After completing its investigation, the Commission found that the minimum price set by Volkswagen for this particular model would not harm the EU industry, and therefore decided to accept it.

In addition to selling at the minimum import price, Volkswagen also pledged to limit the quantity it exports to the EU, and to invest in a series of key projects related to pure electric vehicles within the EU. These investments will have clear phased targets to support the EU's industrial strategy and promote compliance with the EU’s climate transition goals.

The European Commission pointed out that a price undertaking is a voluntary arrangement, in which exporters pledge to sell products subject to countervailing measures to the EU at a price not lower than the minimum import price. In exchange, they can be exempt from paying the corresponding countervailing duties. If the undertaking is not observed, including failure to complete the agreed investment milestones, the European Commission may revoke the undertaking and restore duty collection retroactively.

Source: Jiemian News

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