China agrees to ‘halve’ hybrid car exports to EU in landmark deal

Brussels says Beijing’s shipments could fall by more than half over four years, cutting millions of vehicles amid fears for European jobs

The EU said it has reached a landmark deal with China to “halve” its sales of hybrid cars in the bloc amid fears surging sales could kill off parts of the European car industry.

Trade commissioner Maroš Šefčovič said the deal was the first of its kind and the result of “intense” negotiations with China since June to curb a trade deficit of €1.18bn (£1bn) a day, which has caused mounting tensions between the two economic powers.

Continue reading...