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EU Lowers Tariff on Tesla's China-Made EVs to 9% Amid Stock Rise, October 30 Deadline Looms

Aug 20, 2024, 01:29 PM

The European Union has announced a reduction in the proposed tariff on Tesla vehicles imported from China, lowering it from 20.8% to 9%. This decision comes amid broader plans by the EU to impose tariffs on Chinese-made electric vehicles, with some rates reaching as high as 36.3%. The move is part of the EU's efforts to address concerns over state subsidies provided to Chinese electric vehicle manufacturers. The tariff adjustment for Tesla follows inspections at Tesla's Giga Shanghai, which demonstrated fewer subsidies received by the company. Other Chinese automakers, such as BYD and Geely, also face revised tariff rates of 17% and 19.3%, respectively. The Chinese government has expressed strong opposition to these tariffs, citing potential risks and uncertainties for Chinese companies operating in Europe. Consultations continue ahead of an October 30 deadline, and Tesla's stock has risen following the tariff reduction.