• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick European Union slashes planned tariffs on China-made Tesla EVs, other Chinese firms
Editor's Pick

European Union slashes planned tariffs on China-made Tesla EVs, other Chinese firms

by August 21, 2024
by August 21, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The European Union on Tuesday said planned tariffs on Tesla vehicles being imported from China would be cut to 9% from 20.8%, while also reducing a number of planned import duties on other electric vehicle firms.

In June, the E.U. said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to EV producers in Europe.

The European Commission, the executive arm of the E.U., announced a preliminary conclusion that the battery-electric vehicles value chain in China “benefits from unfair subsidisation” and pronounced that it is in the E.U.’s interest to impose “provisional countervailing duties” on BEV imports from China.

The E.U. Commission disclosed on Tuesday its draft decision to “impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China.”

The regulatory body said that after receiving comments from interested parties on its planned tariffs, it would make a “slight adjustment of the proposed duty rates based on substantiated comments on the provisional measures.”

Electric vehicles made by Tesla in China will now face duties of 9% on imports to the E.U. That is down from an anticipated rate of 20.8%, which the E.U. signposted in an earlier decision in July.

Tesla shares rose more than 1% in U.S. morning trading following the E.U.’s draft decision.

The E.U. said it made the decision to grant Tesla its own lowered individual duty rate as an exporter from China.

It comes after Elon Musk’s electric vehicle maker made a “substantiated request” to the E.U. that planned tariffs on its China-made EVs be recalculated to reflect specific subsidies the company receives in China.

Tesla was not immediately available for comment when contacted by CNBC on Tuesday.

BYD, the Warren Buffett-backed EV firm, saw its tariff rate reduced from 17.4% to 17%; Geely from 19.9% to 19.3%, SAIC from 37.6% to 36.3%. BYD, Geely and SAIC did not immediately respond to a request for comment outside of working hours in China.

Other companies cooperating with the E.U. in its investigation into China’s heavy subsidization of EVs, will face tariffs of 21.3%, the commission said. This is higher than the 20.8% rate cooperating companies would have faced under the E.U.’s previous July decision.

For those not cooperating, they will be slapped with 36.3% import duties. That is down from 37.6% previously.

This post appeared first on NBC NEWS
You Might Also Like
  • Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s largest single-quarter jump
  • Boeing workers to vote on new proposal that could end strike
  • Affirm announces JPMorgan Chase merchants can now offer installment loans at checkout
  • DirecTV is pushing its pay TV bundle — without a satellite dish
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Michelle Obama tells DNC her parents were ‘suspicious’ of the wealthy despite own $70M net worth, luxury homes
next post
Starbucks’ new CEO will supercommute 1,000 miles from California to Seattle

You may also like

Taco Bell to roll out AI drive-thru ordering in hundreds...

August 1, 2024

Millennials reimagine retirement: ‘The end game might not be …...

February 4, 2025

Nearly half of Americans are worried about the safety of...

May 5, 2023

A government shutdown could really stress out the air travel...

September 29, 2023

Fed chair Jerome Powell: No sign of stagflation in U.S....

May 2, 2024

Target lowering prices on 5,000 frequently bought items

May 21, 2024

Southwest Airlines pauses corporate hiring, most summer internships to cut...

January 15, 2025

Trump Media stock drops 5% after quarterly loss and Trump’s...

August 13, 2024

UnitedHealthcare taps company veteran Tim Noel as new CEO following...

January 24, 2025

U.S. bans imports of certain Apple Watches that may infringe...

December 28, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Clean energy stocks fall as Trump...

    July 1, 2025

    Mortgage rates plunge to the lowest...

    August 5, 2024

    Tesla releases refreshed Model 3 with...

    September 7, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here