Market Chatter: Chinese Automotive Companies Scramble to Negotiate with EU on Additional Tariffs

MT Newswires Live09-11

SAIC Motor (SHA:600104), Geely Automotive (HKG:0175), and other Chinese vehicle makers will see additional tariffs lowered by the European Union following consultation with the companies concerned, the South China Morning Post reported Tuesday, citing sources familiar with the matter.

SAIC Motor will see tariffs go down to 35.3% from 36.3% while that of Geely will fall to 18.8% from 19.3%, the report said.

China has been rushing to negotiate with the EU to end a competition dispute before the European Commission votes later in September on the additional duties. Once the bloc votes in favor of the tariffs, they will become law for five years, the report said.

China's biggest local automakers include Dongfeng Motor Group (SHA:600006, HKG:0489), Chongqing Changan Automobile (SHE:000625), BAIC Motor (HKG:1958), Guangzhou Automobile Group (SHA:601238, HKG:2238), Great Wall Motors (SHA:601633, HKG:2333) and FAW Group (SHE:000800).

Top new-energy vehicle makers in China include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868), and NIO (HKG:9866, SGX:NIO).

(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.)

Price (HKD): $11.82, Change: $+0.030, Percent Change: +0.25%

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