The European Commission has today officially imposed anti-subsidy duties on electric vehicles (EV) imported from China, forcing manufacturers to place aside funds to pay for the tariff hikes.
On June 12, the European Commission announced that it will apply provisional countervailing duties on Chinese-made EVs based on the outcomes of its nine-month investigation into the degrees of state subsidies received by different Chinese or China-based carmakers. This unfair support, it believes, leads to hefty distortions within the European market.
The move by the Commission followed a May 14 declaration by the USA which said it is going to increase tariffs on Chinese EVs and certain hybrids to 100% from August 1.
The brand new European duties, that are set to be added to the prevailing 10% tariff, will apply to BYD: 17.4%; Geely: 19.9% – revised down from the provisional 20%; and SAIC: 37.6% – revised down from 38.1%.
Other EV manufacturers in China, which cooperated within the investigation but weren’t sampled, are subject to the 20.8% weighted average duty. The duty for other non-cooperating corporations is 37.6%.
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