Investing.com - Shares of European carmakers advanced on Wednesday, as media reports suggested that European Union officials were preparing emergency measures to cap imports of Chinese-made hybrid vehicles into the bloc.
France's Renault rose 4.3%, while Fiat-maker Stellantis gained 3.0% in Italy and Germany's Volkswagen had ticked up by 3.1% by 05:11 ET (09:11 GMT).
EU Trade Commissioner Maros Sefcovic and his team were set to fly to China for talks that are due to begin on Thursday and last until Friday, The Guardian reported.
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Brussels is hoping to secure "tangible, meaningful and measurable" results from the discussions with Chinese officials prior to a meeting of EU leaders next week, the paper added. China is slated to be among the key issues at the gathering.
Previously, the EU has requested that China restrict hybrid car exports, warning that safeguards such as quotas could be put in place should Beijing not do so. China's response to this request is unknown.
On Monday, German Chancellor Friedrich Merz, whose country's key automotive sector has been put under pressure by an influx of Chinese cars, agreed with French President Emmanuel Macron to give EU leaders permission to pass a new instrument which would defend regional trade by preventing access to its lucrative single market.
According to Bloomberg News, a possible EU limit on Chinese hybrid car imports aims to address trade imbalances and shield domestic manufacturing activity.
Original Article
EU carmaker shares rise as Brussels reportedly prepares Chinese hybrid import cap
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