Chinese carmakers brace for EU tariffs on EV from July 4 - BYD, SAIC, Geely...
$NIO Inc (NIO.US)$ $Tesla (TSLA.US)$ $BYD COMPANY (01211.HK)$ $XPeng (XPEV.US)$ The article reported that European Commission is expected to levy provisional duties on made-in- China electric vehicles from July 4, EU officials told Chinese carmakers on Monday. An EU investigation into subsidies in China’s EV industry has threatened to tear new ruptures in an already tense bilateral relationship. The commission is expected to inform companies privately next week about the level of import duty that will be applied.
My Take: I shared an article about the three Chinese EV Markers under anti-subsidy investigation by EU: BYD, SAIC and Geely Auto. Read here:
BYD, SAIC & Geely Failed to Give sufficient info for EU Anti-subsidy Investigation
BYD, SAIC & Geely Failed to Give sufficient info for EU Anti-subsidy Investigation
It looks like all imported Chinese EVs will be affected. Tesla who manufactured EV in Berlin, Germany is not affected. Nio who plans to export its new EV model will also be hit as it will be unable to compete with local EV markers after the tariffs are imposed.
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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102332870 : this is not the official announcement. but supposed to be today European time
ZnWC OP 102332870 : The tariff imposed is confirmed. The commission is expected to inform companies privately next week about the level of import duty that will be applied. Read the article.