Volvo Cars hopes to avoid hefty tariffs when importing its China-made electric vehicles into Europe by reaching an agreement on pricing, the company and the Swedish government said on Friday, boosting the carmaker's shares.

The EU executive could adopt the tariffs or could submit a new proposal if it wished to secure broader support among EU members.

European Union member countries agreed Friday to proceed with the imposition of tarrifs on Chinese electric vehicles exactly one year after launching a probe into whether Beijing was subsidizing its domestic EV industry.

Benjamin Dousa said that Sweden had considered voting against the tariffs but decided to abstain after discussions

The Commission says China's spare production capacity of three million EVs per year, which needed to be exported, is twice the size of the EU market. Given 100% tariffs in the Uni

EU countries on Friday gave a definitive green light to hefty additional tariffs on electric cars made in China, despite strong opposition led by Germany and fears it will spark a trade war with Beijing.

The European Union's decision to press ahead with tariffs on China-made electric vehicles after a member states' vote on Friday is not expected to trigger immediate price changes for affected vehicles,

Help is on the way for European carmakers struggling to deal with an influx of cheap Chinese electric vehicles. The European Union voted on Oct. 4 to impose tariffs as high as 45% on EVs imported from China after an investigation into subsidies that Beijing doles out to its car industry.