China says it reaches ‘understanding’ with EU on hybrid cars

The Chinese Commerce Ministry said on Friday it had reached an “understanding” with the EU on the export of hybrid electric vehicles. The announcement came after Trade Commissioner Maroš Šefčovič wrapped up two days of talks in Bejiing, the culmination of a monthslong push to narrow the bloc’s €1 billion-a-day trade deficit with China. “Following intensive consultations, both sides have reached an understanding on the trade of hybrid vehicles in a manner consistent with World Trade Organization rules,” the Chinese statement read . Cars had become the focus of the discussions in the run-up to the visit by Šefčovič as he sought an agreement that would avert the need for defensive measures to protect the European market.