The European Commission (EC) has announced a significant increase in tariffs on imported electric vehicles (EVs) from the Chinese mainland, effective this Friday. This new measure adds to the standard 10-percent car duty already in place.
Leading Chinese EV manufacturers such as SAIC, Geely, and BYD, which have been prominent in the European market, will see varying tariff rates. Specifically, SAIC will face a 37.6% duty, Geely a 19.9% duty, and BYD a 17.4% duty on their imported vehicles.
Chinese EV producers that collaborated with the EC during the investigation but were not specifically sampled will be subject to a weighted average duty of 20.8%. Additionally, all other Chinese EV manufacturers will incur the highest duty rate of 37.6%, potentially impacting their competitiveness in the European market.
This move by the EC is expected to influence the dynamics of the electric vehicle market in Europe, affecting both manufacturers and consumers. The increased tariffs aim to strike a balance between promoting local industries and managing trade relations with the Chinese mainland.
Reference(s):
EU tariffs hike on Chinese EVs to harm mutually beneficial cooperation
cgtn.com
