Reported about 1 year ago
The European Union has implemented temporary tariffs on Chinese electric cars, with rates reaching as high as 37.6%, starting from July 5, 2024 for a maximum period of 4 months. This move caused a drop in electric car stocks on the Hong Kong stock market, with Geely, Xiaopeng, Lixiang, and NIO all showing declines due to the new tariff regulations, except for BYD which saw a 0.2% increase. The EU initiated this action in response to concerns about unfair competition arising from potential Chinese government subsidies. China has expressed strong opposition to the tariffs, advocating for dialogue and negotiation to resolve trade issues, while also initiating an anti-dumping investigation into European brandy. This escalation in China-EU trade disputes has led to fluctuations in Chinese electric car stocks, with MG and NIO considering raising their car prices in Europe to offset increased tariff costs.
Source: YAHOO