EU, China close to an agreement on electric vehicle pricing

China’s Ministry of Commerce said that talks with the European Union on setting a minimum price for electric vehicles manufactured in the country have “entered the final stages,” although more work is still needed to reach an agreement.

According to Bloomberg News, the two sides are seeking an agreement after the EU imposed strict tariffs on Chinese electric vehicle imports last year, claiming that government incentives give Chinese electric vehicles an unfair advantage.

The Chinese Ministry of Commerce indicated that negotiations have made “significant progress toward reaching a sound decision,” as Chinese Commerce Minister Wang Wentao met with European Trade Commissioner Maros Sefcovic in France earlier this month, according to the German news agency.