Breaking News: European Commission to Impose Additional Tariffs on Imported Electric Vehicles from China
In a recent development, the European Commission has announced its plans to impose additional duties on electric vehicles imported from China. This decision comes after the Commission considered submissions from various companies during its anti-subsidy investigation. The proposed tariffs, which will be voted on by EU members this Friday, are on top of the standard 10% import duty for cars.
Here is a breakdown of the provisional tariffs by company:
- BYD: 17%
- Geely: 18.8%
- SAIC Group: 35.3%
- Other cooperating companies: 20.7%
- Tesla (Shanghai) Co Ltd: 7.8%
- All other companies: 35.3%
It is important to note that the EU has set an individually calculated duty rate for Tesla after a request from the U.S. EV maker. Earlier, Tesla was designated as a cooperating company with a 20.8% tariff, which was then reduced to 9% in August.
This decision by the European Commission is likely to have a significant impact on the electric vehicle market and the companies involved. Investors and consumers should closely monitor these developments as they unfold, as they could have implications for their finances and future investments.
Stay tuned for more updates on this story as it develops. Source: European Commission and Multibagger reporting on VW.