EU Tariffs on EV Makers: Tesla To Pay 9% Import Duties on Its China-Manufactured Electric Cars, Others Chinese Companies up to 36.3%; Here’s Why
Brussels, August 21: The European Commission decided to impose higher duties on electric car manufacturers originating from China. The commission kept a lower tariff on Tesla that manufactured EVs in China. The EU plans to levy 36% on Chinese electric cars imported into the region. Moreover, it said that Beijing could also offer an alternative solution to the damaging trade over state subsidies if not comfortable with the new rates.
According to a report by ET, the EVs made in China by domestic companies would have to face higher import duties of up to 36%, while Tesla, which manufactures its models in China, would have to settle for 9% of import duties. Detailing this more, the European Commission released a draft with more information about the tariffs laid on these electric automobile companies. Tesla Hiring Robot Trainers: Elon Musk’s Company Looking for Employees To Train Optimus Humanoid Robot With Motion Capture Technology.
The EU announced that the tariffs would become definitive and subject to input from the interested parties by the end of August 2024. They would be subject to approval by the members of the European Commission by the end of October at the latest. The latest rates would impact the Chinese EV makers, including BYD, Geely, SAIC, and others.
The report mentioned that the Chinese electric car maker BYD would have to face 17% of the market, which was tweaked down from 17.4%. Greely would have to pay 19.3% from the previous 19.9%, and SAIC would be imposed 36.3% import duties compared to the previous 37.6%.
Besides these major Chinese players in the EU market, the other companies that cooperated with Brussels last month when it announced hefty provisional tariffs would pay a higher 21.3% from the previous 20.8%. The report said that the companies that did not cooperate would be subject to paying a maximum of 36.3% import duties. Tesla, Kia, Ford Motor and GM Asia Pacific To Recall Over 1 Lakh Cars for Faulty Parts.
Elon Musk’s Tesla reportedly asked Brussels to set its duty rates to nine per cent when the commission considered that the company benefitted from some Chinese subsidiaries over domestic ones. On the other hand, Beijing opposed the EU tariffs and filed an appeal over the decision with the WTO (World Trade Organisation). The European Commission said that the WTO should reach a solution and offer a practical solution to imposing duties.
(The above story first appeared on LatestLY on Aug 21, 2024 12:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
