Jingu Finance News | Auto stocks fell across the board, as of press time, NIO Inc (09866) fell 4.16%, Brilliance Chi (01114) fell 2.87%, Leapmotor (09863) fell 1.91%, and li auto inc (02015) and Xpeng (09868) followed suit.
On July 5, the European Union imposed temporary anti-subsidy duties on electric cars imported from China, with a maximum period of 4 months. During this period, EU member states will decide on the final anti-subsidy measures through voting. If approved, the EU will officially impose anti-subsidy duties on Chinese electric cars for a period of 5 years.
According to the announcement, the three Chinese auto companies sampled for investigation, BYD Company Limited, Geely Group, and SAIC Motor Corporation, will be subject to temporary anti-subsidy duties of 17.4%, 19.9%, and 37.6%, respectively. Other cooperating but unsampled Chinese auto companies will be subject to a weighted average tariff of 20.8%, and the tax rate for non-cooperating automakers is 37.6%.