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Investing.com -- Austria’s Steyr Automotive has secured a contract to manufacture electric trucks for Chinese company SuperPanther that will be sold in the European market, the company announced Tuesday.
The agreement, signed in mid-June, represents another step in Chinese automakers’ expansion into Europe. These companies are leveraging competitive pricing and advanced technology to enter a market traditionally controlled by European and American manufacturers.
This expansion has created trade tensions between the European Union and China, including a dispute over EU tariffs on electric vehicles made in China. These tariffs were implemented to shield European producers from competition.
Chinese companies can avoid these tariffs by producing their vehicles within Europe, which appears to be the strategy SuperPanther is pursuing with this manufacturing agreement.
The companies did not reveal any financial details about the production deal.
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