The European Union on Tuesday said planned tariffs on\u00a0Tesla\u00a0vehicles being imported from China would be cut to 9% from 20.8%,\u00a0while also reducing a number of planned import duties on other electric vehicle firms.<\/p>\n
In June, the E.U. said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit \u201cheavily from unfair subsidies\u201d and pose a \u201cthreat of economic injury\u201d to EV producers in Europe.<\/p>\n
The European Commission, the executive arm of the E.U., announced a preliminary conclusion that the battery-electric vehicles value chain in China \u201cbenefits from unfair subsidisation\u201d and pronounced that it is in the E.U.\u2019s interest to impose \u201cprovisional countervailing duties\u201d on BEV imports from China.<\/p>\n
The E.U. Commission disclosed on Tuesday its draft decision to \u201cimpose\u00a0definitive countervailing duties on imports of battery electric vehicles (BEVs) from China.\u201d<\/p>\n
The regulatory body said that after receiving comments from interested parties on its planned tariffs, it would make a \u201cslight\u00a0adjustment of the proposed duty rates\u00a0based on substantiated comments on the provisional measures.\u201d<\/p>\n
Electric vehicles made by Tesla in China will now face duties of 9% on imports to the E.U. That is down from an anticipated rate of 20.8%, which the E.U. signposted in an earlier decision in July.<\/p>\n
Tesla shares rose more than 1% in U.S. morning trading following the E.U.\u2019s draft decision.<\/p>\n
The E.U. said it made the decision to grant Tesla its own lowered individual duty rate\u00a0as an exporter from China.<\/p>\n
It comes after\u00a0Elon Musk\u2019s electric vehicle maker made a \u201csubstantiated request\u201d to the E.U. that planned tariffs on its China-made EVs be recalculated to reflect specific subsidies the company receives in China.<\/p>\n
Tesla was not immediately available for comment when contacted by CNBC on Tuesday.<\/p>\n
BYD, the\u00a0Warren Buffett-backed EV firm, saw its tariff rate reduced from 17.4% to 17%; Geely from 19.9% to 19.3%, SAIC from 37.6% to 36.3%. BYD, Geely and SAIC did not immediately respond to a request for comment outside of working hours in China.<\/p>\n
Other companies cooperating with the E.U. in its investigation into China\u2019s heavy subsidization of EVs, will face tariffs of 21.3%, the commission said. This is higher than the 20.8% rate cooperating companies would have faced under the E.U.\u2019s previous July decision.<\/p>\n
For those not cooperating, they will be slapped with 36.3% import duties. That is down from 37.6% previously.<\/p>\n<\/p>\n
The European Union on Tuesday said planned tariffs on\u00a0Tesla\u00a0vehicles being imported from China would be cut to 9% from 20.8%,\u00a0while also reducing a number of planned import duties on other electric vehicle firms. In June, the E.U. said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit \u201cheavily from unfair […]<\/p>\n","protected":false},"author":0,"featured_media":8266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/8265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=8265"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/8265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/8266"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=8265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=8265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=8265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}