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EU will Reduce Import Tariffs on Electric Vehicles from China, from 21% to 9%

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EU will Reduce Import Tariffs on Electric Vehicles from China, from 21% to 9%

The European Union announced on Tuesday that import tariffs for Tesla vehicles produced in China will be reduced from 20.8% to 9%. Additionally, various import taxes for other Chinese electric vehicle manufacturers will also be reduced, according to a report from CNBC.

In June, the EU stated that it would impose higher tariffs on imports of electric vehicles from China, arguing that these vehicles benefit from “unfair subsidies” and pose “a threat of economic harm” to European electric vehicle manufacturers.

The European Commission issued a preliminary conclusion indicating that the battery electric vehicle (BEV) value chain in China “benefits from unfair subsidies” and decided that it is in the EU’s interest to impose “provisional countervailing duties” on imports of electric vehicles from China.

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On Tuesday, the EU Commission revealed its draft decision to impose “definitive countervailing duties” on imports of battery electric vehicles from China.

After receiving feedback from stakeholders regarding the planned tariffs, the regulatory body made “a slight adjustment to the proposed duties” based on well-founded comments regarding the provisional measures.

For Tesla electric vehicles manufactured in China, the import tax in the EU will be set at 9%, down from the previously anticipated rate of 20.8%, which had been signaled in a previous decision in July. The decision to grant Tesla a reduced individual tariff rate was made after Elon Musk’s company submitted “a well-founded request” for the recalculation of tariffs to reflect the specific subsidies received in China.

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For other Chinese manufacturers, tariffs were slightly adjusted: BYD, backed by Warren Buffett, will see a tariff reduction from 17.4% to 17%, Geely from 19.9% to 19.3%, and SAIC from 37.6% to 36.3%.

Other companies that cooperated with the EU in its investigation into the massive subsidies provided by China to electric vehicles will face tariffs of 21.3%, higher than the previously proposed rate of 20.8%. Those who did not cooperate will pay import taxes of 36.3%, down from the previous rate of 37.6%.

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The EU has also launched investigations to determine whether Chinese clean technology manufacturers are selling products in the EU at dumping prices and whether Chinese-owned companies are unfairly benefiting from subsidies while operating within the European Union.

 


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