EU tariffs on Chinese EVs go into effect, negotiations with Beijing to continue

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HUNG CHIN LIU/iStock via Getty Images The European Union has raised tariffs on Chinese-made electric vehicles to as high as 45.3% starting Wednesday, after a detailed anti-subsidy investigation that ...

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In addition to the EU's standard 10% car import duty, EVs made in China will be subject to the following tariff rates: Tesla (NASDAQ:TSLA) 7.8%; BYD (OTCPK:BYDDF) 17%; Geely (OTCPK:GELYF) 18.8%; cooperating companies including XPeng (NYSE:XPEV) and NIO (NYSE:NIO) 20.7%; SAIC and all other firms 35.3%.  The European Commission believes the additional tariffs are necessary to protect EU automakers from \"unfair\" competition from Chinese EV makers that benefit from state subsidies, allowing them to flood the European market with cheaper cars. It also said China's spare EV production capacity significantly exceeds demand in China. 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