EU impose tariffs on imported Chinese EV: BYD 17.4% Geely 20% SAIC 38.1%
$BYD COMPANY(01211.HK$ $Tesla(TSLA.US$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ The article reported that European Commission notified car makers on Wednesday that it would apply additional duties of up to 38.1% on imported Chinese electric vehicles from next month, a move likely to draw possible retaliation from China.
Less than a month after Washington quadrupled duties for Chinese EVs to 100%, Brussels said it would set tariffs of 17.4% for BYD, 20% for Geely and 38.1% for SAIC over what it said were excessive subsidies. Note that the additional tariffs are on top of what EU has already charged 10% on imported Chinese EV.
Less than a month after Washington quadrupled duties for Chinese EVs to 100%, Brussels said it would set tariffs of 17.4% for BYD, 20% for Geely and 38.1% for SAIC over what it said were excessive subsidies. Note that the additional tariffs are on top of what EU has already charged 10% on imported Chinese EV.
My Take: This is a win for all EVs made locally in EU as well as brands not affected by the new tariffs. Tesla EVs has a chance to lower duties to +21% on exported models (Model 3).
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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RedDevil7 : Appreciate your update. Reading it now, i am preparing for a good low price entry later this week (further 6% - 8% discount from present BYD HK closing is perfect for me).