China’s largest automaker will now pay tariffs ranging from 17% to 35.3%.
The European Commission has introduced countervailing duties on imports of electric vehicles from China for five years. Tariffs can reach 35.3% and depend on suppliers. This was reported by the EC press service.
The tariffs were introduced due to the threat of economic damage to EU producers due to unfair subsidies.
“The investigation found that the BEV (battery electric vehicle) value chain in China would benefit from unfair subsidies, threatening economic damage to BEV manufacturers in the EU,” the Commission said.
Tariff rates for various Chinese electric vehicle manufacturers are as follows:
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BYD – 17.0%
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Geely – 18.8%
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SAIC – 35.3%
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Tesla – 7.8%
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other companies that actively cooperated during the investigation – 20.7%
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non-cooperative companies – 35.3%
These duties are levied on top of the existing base rate of 10%.
The European Commission will monitor the effectiveness of these measures and is considering talks with China to find other solutions. Manufacturers have the right to apply for an expedited review to receive an individually calculated duty rate.
Let’s recall that in July the European Commission announced the introduction of countervailing duties on the import of electric vehicles from China.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.