When the EU closes its EV market to China, it will open up a direct route and likely premium pricing for lithium, nickel, cobalt miners now supplying China.
Strasbourg we have a huge, huge problem. European Commission president Ursula von der Leyen addresses the EU parliament. Image: YouTube Screengrab
European carmakers already have a number of successful joint ventures inside China and at the beginning of last year Beijing scrapped ownership restriction for foreign carmakers entirely so how the country could further open up its market to the EU is unclear.Chinese EVs are scarcer than Chinese-made electric golf carts in the US and the subsidies incentives under the $430 billion-plus Inflation Reduction Act is designed to keep it that way.
Europe has reason to worry. From a standing start, China has now cornered a full fifth of Europe’s EV market. For European car buyers struggling to cope with rolling energy crises the ability to drive from Berlin to Paris in an sleek compact SUV on a single charge won’t go unnoticed. Possibly slapping tariffs on the US electric car pioneer because it assembles EVs and uses batteries made in Shanghai won’t please Washington but makes it clear any legislation that comes out of the investigation won’t be easy to navigate. For miners supplying the battery metals, the EU-China EV spat is simply more fuel on the fire started by the IRA and continued by EGP.
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