CITIC Auto interprets the second joint statement of the China-EU trade consultation mechanism, noting that a WTO-compliant understanding on hybrid vehicle trade was reached and the EV anti-subsidy price undertaking and review process will continue. The broker highlights that the risk of extreme unilateral tariffs by end-October has been removed.
The China-EU trade friction is less severe than feared, but not fully resolved; policy details expected mid-month will determine the extent of the benefit for PHEV exporters.
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