Turkey to Impose Additional 40% Tariff on All China Vehicles BYD, Nio, Xpeng etc
$BYD COMPANY (01211.HK)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$ $Tesla (TSLA.US)$ The article reported that Turkey will raise tariffs on all vehicle purchases from China by 40%, in a bid to curb imports and narrow the current account deficit. The tariff imposed will be a minimum of $7,000, according to a presidential decision published in the Official Gazette. The decision will be effective after 30 days.
My Take: The above tariff imposed amid the recent announcement by the EU on imposing tariffs on EV from China like BYD, Geely, SAIC etc after anti-subsidy investigation. Read here: Chinese carmakers brace for EU tariffs on EV from July 4 - BYD, SAIC, Geely...
My Take: The above tariff imposed amid the recent announcement by the EU on imposing tariffs on EV from China like BYD, Geely, SAIC etc after anti-subsidy investigation. Read here: Chinese carmakers brace for EU tariffs on EV from July 4 - BYD, SAIC, Geely...
The report said that the EU will announce the amount of tariffs by this week to the respective EV makers. Not long ago, the US has already imposed an additional 100% tariffs on China EV which will come into effect in August 2024.
Related articles:
Nio's and BYD's plans to export EV to the US thwarted by New Tariffs
Nio's and BYD's plans to export EV to the US thwarted by New Tariffs
Sources:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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Cuneight8 : None of them selling to turkey except cherry, so this news irrelevant with this brands
102332870 : Have to work out if US and Europe v China will to stop import of all vehicles from each other, who will benefit short term?
ZnWC OP Cuneight8 : You still don't understand the implication. This decision will encourage the EU to impose tariffs on EV import from China.
ZnWC OP 102332870 : If tariffs imposed on Chinese EVs like BYD, NIO, Xpeng etc by US and EU, they will be unable to compete with locally made EV brands like VW, Merc, Ford, GM, Tesla ...
74216494 ZnWC OP : Thus the "smart" decision, to build 3rd factory in China. Instead of within the EU, to bypass such tariffs. However, in case "The Leading ZERO", Mr. LiE, CEO, is SHORTing NIO himself, then this "smart" decision makes sense, to scr... serious long time investors once again.
ZnWC OP 74216494 : Your trading badge showed that you have not traded in Moomoo. Go trade some stocks otherwise no one will believe what you comment.
Leonwong92 74216494 : How much you want to sell with such high cost at Europe
Tonyco : really wish this would stop. what happened to free market? is China only allowed to buy from the world? they positioned themselves perfectly for the future and are being punished because fucking American auto was dragging their ass? once again selfishness and greed prevents humanity moving forward with clean cars