Date: 2024-07-24 08:46:58
On June 12, the European Union announced plans to impose tariffs of up to 38% on Chinese electric vehicle imports, potentially exceeding €2 billion annually. The announced tariffs are an initial increase on top of the existing 10% tariff, meaning that Chinese-made electric vehicles could face total tariffs as high as 48%. The tariffs on leading Chinese manufacturers such as BYD, Geely, and SAIC will range from 17.4% to 38.1%, depending on their level of cooperation with European officials who have been investigating the extent of Chinese government support for these companies over the past few months.
The EU stated that other automakers producing electric vehicles in China, including European companies with factories or joint ventures in China, will face tariffs of 21% or 38.1%, depending on their cooperation with the investigation.
Earlier this month, the EU imposed provisional anti-subsidy tariffs on electric vehicles imported from China, but recent investigations revealed significant internal divisions on the issue, with only 12 of the 27 EU member states in support. The EU began imposing these tariffs on Chinese electric vehicles on July 4 and will decide whether to implement formal tariffs for a five-year period thereafter.
