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EU to Impose Up to 38.1% Tariffs on Chinese EVs Including Tesla, BYD, Geely, and SAIC
Jun 12, 2024, 09:51 AM
The European Union will impose additional tariffs of up to 38.1% on electric vehicles (EVs) imported from China starting next month. This move is expected to escalate the global trade war and increase the cost of selling cars in Europe for companies such as BYD Co. and Tesla Inc. Specific tariffs include 17.4% for BYD, 20% for Geely, and 38.1% for SAIC. Other Chinese EV producers that cooperated in the investigation but were not sampled will face an average duty of 21%. Tesla may receive an individually calculated duty rate at the definitive stage. The decision, which aligns with similar actions by the USA, could prompt retaliatory measures from China, potentially affecting other sectors like agriculture. Critics argue this reflects a failure in the West's clean tech strategy. Europe's STOXX Auto index fell 0.97% following the announcement.
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