Market Chatter: BYD, SAIC's MG Mull EV Price Hikes in EU After Tariff Increase

MT Newswires Live06-24

BYD (SHE:002594, HKG:1211) and SAIC Motor's (SHA:600104) MG brand have yet to decide on raising prices for their electric vehicles sold in the European Union to counter the impact of additional import duties, Reuters reported Friday, citing sources close to the two companies.

A decision is not expected to be made before July 4, when the provisional duties come into effect. Neither BYD nor SAIC responded to requests for comment, Reuters said.

The news comes after the European Commission imposed tariffs as high as 38.1% on electric vehicle imports from China, a move that drew objections from Beijing.

MG faces a 38.1% increase in tariffs on top of the existing 10% duty, while BYD's new tariffs amount to 17.4%, the newswire said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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