FRANKFURT, Germany -- European Union tariffs on Chinese electric vehicles that took effect in October are yielding unexpected consequences. Rather than excluding cheap EVs subsidized with Chinese government cash from the market, they are encouraging automakers to build alliances that increase the EU's reliance on China.
European automakers are struggling. Net profit fell at five of the largest players last year, from 28% at Mercedes-Benz Group and around 31% at Volkswagen to 70% at Stellantis. Renault and BMW also saw declines.
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