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It is impossible for Europe to compete with China in EV by setting administrative barriers: Slovak PM

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      It is impossible for Europe to compete with China in EV by setting administrative barriers: Slovak PM

      2024-11-09 15:46 Last Updated At:16:07

      It is impossible for Europe to compete with China in the field of electric vehicle (EV) by setting various administrative barriers, said Slovak Prime Minister Robert Fico on Friday in an interview with China Media Group.

      Fico paid an official visit to China from Oct 31 to Nov 5. During the visit, he visited a leading global player in battery technology and energy solutions in Hefei City of east China's Anhui Province.

      During the visit to the factory, representatives of Slovak enterprises showed interest in establishing joint ventures with Chinese battery makers in Slovakia to enhance bilateral cooperation in the field.

      Speaking with CMG following his visit to China, Fico acknowledged China's advantages in the field of EV, while expressing his disagreement with the Europe Union (EU)'s imposition of additional tariffs on Chinese EVs.

      "Europe is envious of the significant progress China has made in the field of electric vehicles, particularly in the production of electric vehicle batteries. My response is that it is impossible to compete with China in this field by setting various administrative barriers. Perhaps it's because our goals are different, but I’m not sure what other factors there might be. We should focus on making our products affordable and high quality, as that's the only way to be competitive," said Fico.

      Located in the heart of Europe, Slovakia boasts a unique geographical position that has made it a central hub for automotive production in Europe, as well as the highest per capita automobile production in the world. Many well-known global automotive groups have invested and set up factories in Slovakia.

      With global EV industry experiencing a rapid development and the EU implementing stricter emissions standards, Slovakia is also pushing for a green transition of its auto industry.

      It is impossible for Europe to compete with China in EV by setting administrative barriers: Slovak PM

      It is impossible for Europe to compete with China in EV by setting administrative barriers: Slovak PM

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      U.S. stocks continue to close lower amid tariff tumult

      2025-04-05 05:26 Last Updated At:06:17

      U.S. stocks on Friday extended their declines following U.S. President Donald Trump's reciprocal tariffs, with all the three major indices ending with a drop of more than 5 percent.

      The Dow Jones Industrial Average fell by 2,231.07 points, or 5.50 percent, to 38,314.86. The S and P 500 sank 322.44 points, or 5.97 percent, to 5,074.08. The Nasdaq Composite Index shed 962.82 points, or 5.82 percent, to 15,587.79.

      All of the 11 primary S and P 500 sectors ended in red, with energy and financials leading the laggards by losing 8.70 percent and 7.39 percent, respectively. Real estate posted the weakest decline, down 2.51 percent.

      U.S. stocks continue to close lower amid tariff tumult

      U.S. stocks continue to close lower amid tariff tumult

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