Impact of Brussels' Tariffs on Chinese EV Stocks

Wednesday, 12 June 2024, 12:23
The European Commission has announced plans to impose up to 25% tariffs on Chinese electric vehicles, affecting companies like BYD Co and SAIC, as well as Tesla Inc. This move aims to address the subsidies received by Chinese manufacturers, with potential tariffs escalating to 35%. While lower than U.S. duties, this decision could have significant implications for the global electric vehicle market.
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Impact of Brussels' Tariffs on Chinese EV Stocks

Impact on Chinese EV Stocks

Brussels' decision to impose tariffs on Chinese electric vehicles will impact companies such as BYD Co (OTC:BYDDF) and SAIC, as well as Tesla Inc (NASDAQ:TSLA), which manufactures in China. Starting next month, the European Commission plans to apply provisional duties of up to 25% on imported Chinese EVs, aiming to counteract the subsidies Chinese manufacturers receive from their government. This measure could escalate to about 35%, significantly lower than the 100% duties applied by the U.S.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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