The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

European Union slashes planned tariffs on China-made Tesla EVs, other Chinese firms

by August 21, 2024
August 21, 2024
European Union slashes planned tariffs on China-made Tesla EVs, other Chinese firms

The European Union on Tuesday said planned tariffs on Tesla vehicles being imported from China would be cut to 9% from 20.8%, while also reducing a number of planned import duties on other electric vehicle firms.

In June, the E.U. said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to EV producers in Europe.

The European Commission, the executive arm of the E.U., announced a preliminary conclusion that the battery-electric vehicles value chain in China “benefits from unfair subsidisation” and pronounced that it is in the E.U.’s interest to impose “provisional countervailing duties” on BEV imports from China.

The E.U. Commission disclosed on Tuesday its draft decision to “impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China.”

The regulatory body said that after receiving comments from interested parties on its planned tariffs, it would make a “slight adjustment of the proposed duty rates based on substantiated comments on the provisional measures.”

Electric vehicles made by Tesla in China will now face duties of 9% on imports to the E.U. That is down from an anticipated rate of 20.8%, which the E.U. signposted in an earlier decision in July.

Tesla shares rose more than 1% in U.S. morning trading following the E.U.’s draft decision.

The E.U. said it made the decision to grant Tesla its own lowered individual duty rate as an exporter from China.

It comes after Elon Musk’s electric vehicle maker made a “substantiated request” to the E.U. that planned tariffs on its China-made EVs be recalculated to reflect specific subsidies the company receives in China.

Tesla was not immediately available for comment when contacted by CNBC on Tuesday.

BYD, the Warren Buffett-backed EV firm, saw its tariff rate reduced from 17.4% to 17%; Geely from 19.9% to 19.3%, SAIC from 37.6% to 36.3%. BYD, Geely and SAIC did not immediately respond to a request for comment outside of working hours in China.

Other companies cooperating with the E.U. in its investigation into China’s heavy subsidization of EVs, will face tariffs of 21.3%, the commission said. This is higher than the 20.8% rate cooperating companies would have faced under the E.U.’s previous July decision.

For those not cooperating, they will be slapped with 36.3% import duties. That is down from 37.6% previously.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Walz unknown by 4 in 10 Americans, but favorability rating tops Vance: poll
next post
Alain Delon’s family refuse to put down pet dog the actor wanted to be buried with

You may also like

Amazon gets FAA approval for new delivery drone...

DOJ sues Walgreens, alleging it ‘knowingly’ filled millions...

Possible work stoppage at Canada’s two largest railroads...

Amazon surpasses Walmart in revenue for the first...

Prices finally fell last month after 3.5 years...

Settlement reached in lawsuit between Ron DeSantis allies...

Musk says time commitment to DOGE will ‘drop...

Lululemon founder slams company’s ‘whole diversity and inclusion...

NFL season expected to spur record $35 billion...

Tesla cuts U.S. prices on its Model Y,...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s...

    • Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    • Diver dies in preliminary operations to recover tech tycoon’s sunken superyacht

    • Metals and Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

    • Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

    Categories

    • Business (1,633)
    • Investing (4,792)
    • Politics (7,543)
    • World (6,131)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top