EU Imposes Tariffs Of Up To 35 Pct On Chinese Evs

10/30/2024 5:10:41 AM

(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Oct 30 (KUNA) -- The new tariffs imposed by the European Commission on imports of Chinese battery electric vehicles (BEVs) come into effect on Wednesday following their publication in the Official Journal of the European Union.
The European Commission imposed definitive countervailing duties on electric vehicle imports from China for a period of five years following the conclusion of its anti-subsidy investigation into the support provided by China to its electric vehicle industry.
In a statement, the Commission confirmed that the investigation concluded that the electric vehicle value chain in China benefits from "unfair" subsidization, posing a threat to economic injury to EU producers of BEVs.
The new tariffs will be applied at different rates to Chinese electric vehicles, with SAIC facing the highest tariff of 35 percent, while Geely, one of the best-selling car manufacturers in China, will face a tariff of 18.8 percent.
The new measures also affect vehicles manufactured in China by foreign groups, as the American company Tesla will be facing an additional tariff of 7.8 percent.
The Commission stated that it would monitor the effectiveness of the measures in place to ensure they are not circumvented.
These measures will expire at the end of the five-year period unless a review for expiration is initiated before that date.
It indicated that the EU and China will continue to work towards finding alternative solutions compatible with World Trade Organization rules that effectively address the issues identified in the investigation.
It also said it remains "open" to negotiating price undertakings with individual exporters as permitted under EU and WTO rules.
On Wednesday, China expressed its rejection of the EU's decision announcing its intention to file a complaint under the World Trade Organization's dispute resolution mechanism. (end)
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