EU could impose retroactive tariffs on Chinese EVs as early in July 2024
$Tesla(TSLA.US$ $BYD COMPANY(01211.HK$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ The article reported that European Commission has gathered sufficient evidence to support its claim that China subsidises its carmakers, distorting the automotive market in Europe. It will begin registering Chinese EVs in the coming days and could impose provisional tariffs as early as July.
This comes after the European Commission visited the three Chinese manufacturers BYD, Geely and SAIC to verify information previously provided by the manufacturers in questionnaires. The Commission now writes that “the available evidence at this stage tends to show that the exports of the product concerned are benefiting from countervailable subsidies.”
Comment: In a previous report, Tesla is not included in the subsidies probe. Hence Tesla will continue to capture a higher market share in Europe than the Chinese EV makers. See related article here:
BYD, SAIC Motor and Geely under EU investigation into Chinese EV subsidies Tesla not in the list
BYD, SAIC Motor and Geely under EU investigation into Chinese EV subsidies Tesla not in the list
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
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73276341 : Have you ever seen a group of leaders destroy their nations in this way. Complete destruction - self induced by EU globalists. The people better rise if there is any hope. Germany , Poland and France in particular, your leaders are working very well at getting you nuked. #dontfollowtheUS #theywillneverstillbethere
ZnWCOP 73276341: The European Commission says China hasn’t been playing fair in that its government has been paying subsidies through “direct transfer of funds,” among other actions, reports Reuters – which the EC says tips the balance in China’s favor and leaves European automakers out to dry.
The European Commission visited BYD, Geely, and SAIC to gather intel, as part of its probe into what it says are both subsidies and bank lending campaigns from Beijing that fueled the outsize growth in China, with fears that China is building EV plants far beyond levels needed for domestic demand.
Europe may slap retroactive tariffs on Chinese EVs
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