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MIGUEL TORRES SLAMMED EU’S CHINESE EV TARIFFS AS A HINDRANCE TO FREE MARKET

By Tony Zhu

22-10-2024



Source: Familia Torres/Instagram

Miguel Torres, owner of Familia Torres of Spain, has criticised the tariffs imposed on Chinese electric vehicles (EVs) by the European Union (EU) and said he prefers free market and competition.

"I don't believe in this protection," Torres told China’s official media CGTN at the Torres Bodega in Penedés.

"I believe in a free market, you know, free to export wines, free to export cars, whatever, and then we compete. I'm in favour of free markets, absolutely."

Earlier this month the EU voted to impose tariffs on Chinese EVs. China responded with levies of up to 39 percent on EU brandies.

The retaliative tariffs could spell trouble for companies like Familia Torres, which also makes their own brandy brands.

Miguel Torres does not want to see the special relationship between China and Europe spoiled and argues that trade barriers hinder healthy competition.

Founded in 1870, Familia Torres is still family owned until this date. Miguel is the 4th generation owner of the business which is one of the most recognisable names among Spanish wines.

Voted the “World's Most Admired Wine Brand” by Drinks International magazine, Familia Torres owns wine brands like Vina Sol, Vina Esmerelda and Sangre de Toro as well as brandy brands Torres and Jaime I.

The company now produces over 30 million bottles of wines per year, from wineries both in Spain and Chile, with annual revenue near USD300 million.

Familia Torres entered the Chinese market very early in 1980s and won an import licence in 1999. Apart from exporting their own products, Torres China has helped dozens of other Spanish and French wine and brandy producers sell their goods in China too.

"Chinese people, they love red wines, Sangre de Toro has been immediately taken as an icon from Spain. We're always among the top ten wine brands in China," Miguel Torres said.

Recently Torres China was bought by Wajiu, joining another importer Summergate in an acquisition that puts the importation of foreign wines in the hands of Chinese business, a significant shift in the sector.

The Torres family retains a six percent stake in this larger importer enterprise.

(the writer can be contacted at: info@thewinechronicle.com)

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