Cheap Chinese EVs set to be slapped with import tariffs of almost 50% by the EU

Cheap Chinese electric cars could soon become more expensive to buy after the European Union announced plans to hit EV imports with additional tariffs of almost 50 per cent from next month.

It comes after the European Commission last year launched an investigation into the Chinese EV sector on the back of concerns from EU car makers that they are gaining an unfair 'competitive edge' thanks to their government-subsidised cheaper prices. 
The decision now risks triggering a trade war with China if the issue cannot be resolved in the coming days.

(The EU has announced plans to sting Chinese EV imports with additional import tariffs of up to 38% after a probe concluded that they gain an unfair financial 'competitive edge' over European car makers thanks to their government- subsidised cheaper prices)

The European Commission has ordered a hike of tariffs on Chinese manufacturers starting in July.
This would be on top of the current rate of 10 per cent on all electric cars produced in China. 

It stated the additional amount depended on the level of state subsidies received by the automotive companies in question. 
The Commission said it could revise these figures if car manufacturers provide 'sufficient counter-balancing evidence'. 

As it stands, provisionally, SAIC (formerly Shanghai Automotive Industry Corporation) will be stung hardest with 38.1 per cent tariffs, taking the total import taxation to 48.1 per cent.
Geely will be hit with a 20 per cent additional duty, meaning a 30 per cent import tariff in total.

BYD, which is vying with Tesla to be the biggest global EV seller, is to be hit with a provisional 17.4 per cent additional tariff taking to total to 27.4 per cent.

(The European Commission says additional tariff amounts depend on the level of state subsidies received by the automotive companies in question.)

(BYD, which is vying with Tesla to be the biggest global EV seller , is to be hit with a provisional 27.4% tariff)

Ref: Cheap Chinese EVs set to be slapped with import tariffs of almost 50% by the EU (dailymail)

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