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EU Lowers Import Tariffs On Chinese-Made EVs From Tesla And Others
The European Union is set to slightly reduce its proposed increase in import duties on Chinese-made EVs from Tesla and other automakers.
This is reported by Bloomberg news agency based on sources. The EU is implementing the revisions based on new information provided by companies. With the proposed increase in import duties, the EU wants to put an end to what Brussels considers unfair competition from China because Beijing subsidizes its car manufacturers. The proposed tariff for Teslas from China will be revised from 9 percent to just under 8 percent, according to the insiders. Tesla has a large factory in Shanghai, where more than half of the company’s global production takes place. The American company had already indicated that it benefits less from state support than Chinese industry peers.
The new top tariff for Chinese carmakers that do not cooperate with the EU investigation will be set at 35.3 percent, up from a previously proposed rate of 36.3 percent. The levies come on top of the 10 percent import duties already imposed on electric cars from China.
The tariffs are still provisional. Brussels and Beijing are still in talks about reducing Chinese government subsidies. If China is not prepared to do so, the import tariffs will be in place for five years. The European Commission will publish the final tariffs by 30 October 2024 at the latest.
