EU to Impose Tariffs of up to 25% on Chinese EVs, FT Reports

Reuters06-12

EV shares slid in premarket trading.

Nio fell over 4%; Li Auto fell 2%; XPeng up 0.3%.

The European Commission will notify car makers on Wednesday that it will provisionally apply additional duties of up to 25% on imported Chinese electric vehicles from next month, the Financial Times reported, citing people familiar with the matter.

Analysts have said they expect tariffs of between 10% and 25% on Chinese EVs. The European Commission has said Chinese EVs receive excessive subsidies.

The EU and China's foreign affairs ministry did not immediately respond to Reuters' requests for comment.

Less than a month after Washington quadrupled duties for Chinese EVs to 100%, Brussels is expected to set almost certainly far lower tariffs for imports from Chinese makers such as BYD and Geely as well as Western producers such as Tesla that export cars from China to Europe.

BYD, Geely, SAIC and Tesla did not immediately respond to Reuters' queries on the report.

The move comes as European automakers are being challenged by an influx of lower-cost EVs from Chinese rivals.

China has rebuked the EU over the anti-subsidy investigation, urged cooperation and lobbied individual EU countries, but not fully spelt out what its response to tariffs would be.

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Comments

  • CORELONE
    06-13
    CORELONE
    If China also slaps tariff of EU cars, local will buy more Chinese EV. 
  • Zzz...
    06-12
    Zzz...
    stupid...conduct mishap bring harm to yourself.
  • Angelinvest
    06-12
    Angelinvest
    Finally see the true colour of the west. Petty and scary cat. 
  • holybutter
    06-12
    holybutter
    When u win, u cite free trade. When u lose, impose tariffs and say it's national security 
  • setia100
    06-12
    setia100
    EU needs money to sustain Ukraine war & refugees ❗🤔
  • manta76
    06-12
    manta76
    Why don CHINA impose similar tariffs ? Or better yet  impose bans on EVs from  europe
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