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China Takes Legal Action Against EU Over Electric Vehicle Tariff Hike

China has launched a legal dispute against the European Union (EU) at the World Trade Organization (WTO) in response to the EU’s decision to raise import tariffs on Chinese electric vehicles (EVs). The case comes on the heels of an EU investigation that concluded Chinese carmakers benefit from state subsidies, giving them an unfair edge in the European market.

Key Details:

  1. WTO Complaint: China’s filing marks its second WTO challenge over higher tariffs, with the complaint aiming to address the EU’s determination that Chinese EV manufacturers benefit from unfair government support.
  2. Impact on Chinese Car Makers: The new EU tariffs range from 17% for BYD, 18.8% for Geely (Volvo’s parent company), to a significant 35.3% for SAIC Motor Corp, making it one of the most heavily affected companies.
  3. WTO Dispute Timeline: Under WTO dispute settlement rules, China and the EU have 60 days to negotiate a resolution. If unresolved, the case may proceed to a WTO panel ruling. However, the WTO’s highest appellate body remains inactive due to a shortage of judges, potentially complicating the resolution process.

The heightened tariffs, which took effect on November 1, reflect growing trade friction between Brussels and Beijing. EU officials argue that China’s subsidies and access to inexpensive raw materials have granted Chinese EV companies excessive leverage over European competitors. In response, Brussels is exploring solutions, such as adjusting price commitments, to address these market imbalances while upholding WTO principles.

Negotiations between the EU and Chinese officials are expected to intensify in the coming weeks, with an EU delegation likely to travel to China to pursue a compromise. Both sides aim to foster fair market conditions while respecting WTO guidelines.

Bending Spoons Buys Miro As SaaS Valuations Continue To Reset

Bending Spoons is buying Miro for $1.36 billion in cash, implying an equity value of $1.79 billion. That is about 90% below the workplace collaboration company’s $17.5 billion valuation in late 2021.

From Digital Whiteboard To AI Workspace

Founded in 2011 as RealtimeBoard, Miro began as a digital whiteboarding tool for remote teams. Demand surged during the pandemic, helping the company expand from about five million users to roughly 30 million between 2020 and 2022.

Miro later added more than 250 integrations and partnerships with Atlassian, Cisco, Microsoft and Zoom. Today, it describes itself as an “AI innovation workspace,” offering AI assistants, prototyping tools and integrations with GitHub, Jira and Slack.

Growth Slowed After The Pandemic

Miro now has more than four million paying customers and 100 million total users, with about $600 million in annual recurring revenue. Businesses and enterprises generate roughly 90% of revenue, while the company has about $435 million in net cash and is profitable.

Its valuation decline reflects a broader reset in SaaS markets. As pandemic-driven demand faded, companies cut software spending and consolidated overlapping tools, increasing pressure on stand-alone collaboration platforms competing with broader ecosystems from companies such as Microsoft, Canva and Figma.

Bending Spoons Targets Mature Software

Miro has also reduced its workforce since reaching about 1,200 employees in 2022, cutting 119 positions in February 2023 and another 275 in October 2024, according to its CEO.

The acquisition fits Bending Spoons’ broader strategy of buying established software companies whose valuations have fallen but whose recurring revenue and user bases remain substantial. It previously agreed to acquire Airtable for $1.28 billion after the company had been valued above $11 billion in 2021.

For Bending Spoons, the strategy is a bet on durable revenue and profitability rather than the rapid-growth expectations that drove software valuations during the pandemic.

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