Reported 7 months ago
The European Commission's decision to impose up to 25% provisional duties on Chinese electric vehicles next month will affect companies like BYD Co, SAIC, and Tesla, which manufactures in China. France and Spain are championing these tariffs, aiming to counteract Chinese government subsidies. Chinese EV companies NIO, Li Auto traded lower on Wednesday following the report, while XPeng stock remained unaffected. The tariffs are projected to generate over $2.15 billion annually for the EU budget as Chinese EV sales in Europe rise, with potential impacts on reducing Chinese electric car imports and affecting companies like Volvo Car AB who have shifted production to avoid the tariffs.
Source: YAHOO