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Effective from July 4, 2024- unless there will be an agreement with Chinese Authorities, the EU commission will impose additional tariffs of up to 38.1% on BEVs shipped from China.
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BEV producers that cooperated with the authority during its investigation but have not been “sampled” will be slapped with a tariff of 21% while those that did not comply will be struck with 38.1%.
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The authority will impose a tariff of 17.4% on BYD, 20% on Geely and 38.1% on SAIC.
“The commission has provisionally concluded that the battery electric vehicles (BEV) value chain in China benefits from unfair subsidisation, which is causing a threat of economic injury to EU BEV producers,” the commission’s statement reads.
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The current import duty on Chinese automakers is 10%.
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The Chinese government already vowed to retaliate against such tariffs.
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The fear of retaliation made European car makers’ stock to decline. Volkswagen, Porsche, Mercedes and BMW shed 1.6%, 6%, 1.5% and 1.7%, respectively.