EU to Lower Tariff Rates for Electric Vehicles Imported from China, Benefiting Tesla Inc. (NASDAQ:)
The European Union is set to decrease the proposed additional tariff rates for electric vehicles imported from China, including those by Tesla Inc. (NASDAQ:), according to Bloomberg sources. The new tariff rate for Tesla is expected to be just under 8%, down from the original 9%, based on updated data submitted by the companies involved.
EU member states will vote on the final tariff proposal in November, with the revised rates to be applied on top of the existing 10% duty Chinese exporters already face. Tesla's new tariff rate could be reduced to 7.8%, while Chinese manufacturers not cooperating with the EU may face a maximum tariff of 35.3%, slightly lower than the initial 36.3%.
Further revisions to the rates may occur as discussions between the EU and stakeholders continue. This development could impact the cost of electric vehicles in Europe, potentially benefiting consumers and manufacturers alike. Stay tuned for more updates on this tariff adjustment and its implications for the market.