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EU imposes additional tariffs 21+10% on Nio and Xpeng

$Tesla(TSLA.US)$ $BYD COMPANY(01211.HK)$ $NIO Inc(NIO.US)$ $XPeng(XPEV.US)$ The article reported that all Chinese EV brands are subjected to additional tariffs combined with 10% import duty.
1) Additional imported duty to 3 sampled Chinese EV brands:
>BYD: 17.4% (27.4%)
>Geely: 20% (30%)
>SAIC: 38.1% (48.1%)
2) Additional imported duty of 21% (31% tariffs in total) to Chinese EV brands that cooperated in the investigation but not sampled:
Aiways, BMW Brilliance, Changan, Chery, Dongfeng, FAW, Great Wall Motor (GWM), JAC, Leapmotor, Nio, and Xpeng.
The following Chinese EV brands import to EU are also affected by the new tariffs:
MG (SAIC)
Smart (Geely)
Polestar (Geely)
Ora (GWM)
BYD
Nio
Lotus (Geely)
LEVC (Geely)
Maxus (SAIC)
Aiways
Lynk&Co (Geely)
Dongfeng
Voyah (Dongfeng)
Changan
Xpeng (backed by Volkswagen)
Zeekr (Geely)
My Take: EV brands made in the EU countries like BMW, VW, Mercedes and Tesla Model Y (made in Germany Gigafactory) which are not affected will stand to win. According to a source, the Tesla Model 3 (made in China) may soon be subject to specially calculated duties (much lower than 21%) when imported into Europe.
A spokesperson for the European Commission, Olof Gill, confirmed that Tesla has requested an individual examination to potentially lower its tariff rate. “Following a substantiated request, Tesla may receive an individually calculated duty rate at the definitive stage,” the Commission noted in a press release.
Do read the content of the article (not just the headline)
EU imposes additional tariffs 21+10% on Nio and Xpeng
EU imposes additional tariffs 21+10% on Nio and Xpeng
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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