Chinese EV (BYD and SAIC) registrations drop 45% in July after EU tariff launch
1) The article reported that registrations for Chinese electric vehicles (EVs) like BYD and SAIC’s MG brand dropped by 45% compared to June. The decline in Chinese EV registrations has been linked to the Europe Commission (EC)’s provisional tariffs on China-made EV imports.
2) The EC imposed provisional tariffs of up to nearly 38% on EV imports made in China. The provisional rates are added to Europe’s 10% import duties.
2) The EC imposed provisional tariffs of up to nearly 38% on EV imports made in China. The provisional rates are added to Europe’s 10% import duties.
3) Dataforce gathered data from 16 member states in the European Union (EU), revealing that the number of Chinese EV registrations dropped in July. SAIC’s MG brand saw a 20% sales drop last month compared to a year ago, and Polestar’s sales declined by 42% year over year
4) A separate article reported that Tesla EV made in China received a reduction in tariff to 9% after appealing is lower than BYD's 17.4%, Geely's 19.9%, and SAIC’s 37.6%. Analyst forecast that Tesla EV imported to Europe has lesser impact than the other Chinese EV brands. Read here: Tesla EU Tariffs Drop to 9% for China-Made Vehicles
My Take :
Some "popular" media continue to brag about BYD BEV or pure EV sales to overtake Tesla. The poor EV registration in the EU is a sign that such forecast (or speculation) is unlikely to happen. Tesla has already beaten BYD's BEV sales in Q1 and Q2.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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