Reported about 1 year ago
In response to subsidy actions, the EU imposed a temporary tariff of up to 37.6% on electric cars from mainland China starting on the 5th of this month. A recent report has revealed details of government subsidies received by major Chinese car companies, with the investigation showing surprising findings. The report detailed specific subsidies such as state-owned bank loans, financing, grants, sales incentives, inexpensive land for factories, and high subsidies for battery research and sales. SAIC Group was identified as the highest recipient of subsidies at 34.4%, with reasons cited for its lack of cooperation in the investigation, leading to it being subjected to the highest anti-subsidy tax of 37.6%. BYD and Geely were found to receive lower subsidies, with more transparent attitudes towards the EU probe, resulting in relatively lower anti-subsidy tariffs of 17.4% and 19.9% respectively.
Source: YAHOO