EU’s new duties on Chinese EV could be backdated to March
$BYD COMPANY (01211.HK)$ $Tesla (TSLA.US)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$ The article reported that Chinese electric carmakers raced to get EVs into the bloc ahead of the July 5 deadline when new EU tariffs went into effect, betting they would not face backdated duties.
But they may have miscalculated, with the European Commission saying that it will come to a decision in the fall on whether to make the duties retroactive from March.
But they may have miscalculated, with the European Commission saying that it will come to a decision in the fall on whether to make the duties retroactive from March.
While all foreign-made cars already face a duty of 10 percent, the new tariffs will see some Chinese automakers facing a combined tariff of as much as 48 percent on their EVs.
My Take: This is a new measure to prevent Chinese EVs from flooding the EU market prior to imposing a higher tariff after the 7 July deadline which could be backdated to 7 March. A separate article reported that all EU member states are expected to support the new tariffs on China-made electric vehicle (EV) imports by November. Read here:
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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李白的李 : Learn about Japan, set up factories overseas, and establish supply chains in other countries, don't do it domestically