Mercedes-Benz CEO Ola Källenius expects a decision soon on the European Union's tariffs on Chinese electric vehicle imports, he said at an industry conference on Thursday.
“The decision is imminent,” the CEO of the German luxury carmaker said at the 2024 CAR Symposium.
The decision was initially expected this week but has been postponed until after next week's elections.
The European Commission launched an investigation in October to determine whether Chinese-made electric vehicles were unfairly subsidized and should face additional tariffs. The European Commission oversees trade policy for the 27 member states.
Källenius reiterated his opposition to trade restrictions but acknowledged that World Trade Organization (WTO) rules have not prevented some countries from supporting their domestic producers.
He added that for an economy as export-dependent as Germany's, it would be better to use trade stimulus measures rather than protectionist tactics.
Like its German counterparts BMW and Volkswagen, Mercedes relies heavily on revenue from its largest market, China, and produces some models there.
![[April 23, 2024 Daily Morning Market]](/_next/image?url=https%3A%2F%2Fproduction-app-asset.traderknows.com%2Foriginal_images%2F9fdcaad35f5c418aa2df4d34dacd056b.png%3FExpires%3D1724580405%26Signature%3DX~B5VGCPBeWWJfa5w20ue-qc62aU~1L4UGKGr8EIcfq4BP87vMGFKlSEaNx-ydCndnglQ8j0lmmBHr5pmSeSIoQX2P~oH7yAKlxBJXX~PTQto0tFvevqyOSti5zaDpcBRkLtr~IZJ5K~Ar7ZQUtgoO1ubewtWb92Hvo1G7nFMzui04Q-hvvIR2S1qRflHeFx4JmCBVqwCVR1dJQbZ6MUOvnRbjEkSJUQCmdzsj0M-pa-BoATCEcdKnClzbsdc18BfE-NB7Kne3ammlh59zghKlDvQ8CCUBQI8tu4ARqOqBYfdQDSef6x18KGYXvyyPfHgU0Gk-Pn1kA~D3N388bEYQ__%26Key-Pair-Id%3DK3LHBTUA5A7KEY&w=640&q=75 "[April 23, 2024 Daily Morning Market]")
