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China and Europe move closer to electric vehicle tariff agreement
Chinese automakers are poised to strengthen their presence in Europe as discussions on electric vehicle tariffs progress, with a potential agreement involving a price undertaking to prevent undercutting. Meanwhile, global automakers face challenges in both Europe and China, with significant layoffs and a looming price war as competition intensifies. UBS analysts suggest that foreign carmakers should pivot towards affluent consumers and leverage China's advancements in technology and R&D to remain competitive.
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