EU reviews tariffs on Chinese EVs
Date
8/21/2024 9:00:58 AM
(MENAFN) On Tuesday, the European Union announced a revision of its tariffs on electric vehicles imported from China. The new tariffs will affect major manufacturers such as Shanghai Automobile Industry Corporation (SAIC), Geely, and BYD, with rates set at 36.3 percent, 19.3 percent, and 17 percent respectively, marking a slight reduction from previously proposed figures. Notably, tariffs on Tesla vehicles manufactured in China have been reduced to 9 percent. This adjustment comes as part of the EU's broader strategy to address concerns over Beijing's support for its electric vehicle industry and to rebalance the competitive landscape for European manufacturers.
The European Commission's latest move includes a draft plan for implementing long-term tariffs on Chinese electric cars, following the temporary duties that were introduced on July 4. This draft has been shared with affected automakers, the Chinese government, and EU member states. The Commission has indicated that it will not retroactively apply the temporary duties, meaning that the previously imposed temporary tariffs will not be collected. The revised tariff plan aims to address the challenges posed by Chinese subsidies while ensuring that European policies align with international trade rules. The final decision on these tariffs is expected to be confirmed by member states by November.
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