EU Imposes Steep Tariffs on Chinese Electric Vehicles

The European Commission confirmed it would impose additional duties up to 36.3% on imported electric vehicles made in China. Companies such as BYD, Geely, and SAIC Group face varying tariffs, with other firms like Tesla having individually calculated rates. This announcement follows an anti-subsidy investigation.

The European Commission confirmed on Tuesday that it would impose additional duties of up to 36.3% on imported electric vehicles manufactured in China. This decision follows the release of the draft definitive findings from its anti-subsidy investigation.

Specific tariffs have been outlined by the Commission for various companies: BYD will face a tariff of 17%, while Geely and the SAIC Group will encounter tariffs of 19.3% and 36.3%, respectively. Other manufacturers cooperating with the investigation, including companies like Aiways and Volkswagen, will see tariffs of 21.3%.

Tesla's Shanghai operations have been assigned a 9% tariff after previous deliberations had designated them a cooperating company with a 20.8% tariff. This development affects numerous firms, with the highest tariff of 36.3% being applied to all other companies.

(With inputs from agencies.)