Reported 7 months ago
On June 13, 2024, the European Union announced a temporary anti-subsidy tariff of up to 38.1% on imported electric vehicles from China, with BYD facing a lower tariff of 17.4% compared to its competitors. This news led to a 4% increase in BYD's A-shares and a 5.8% rise in its H-shares, reaching new yearly closing highs. BYD, Geely, and SAIC Group were among those surveyed by the EU, with varying tariffs imposed. Citigroup noted that BYD's lower tariff rate may help increase its market share in the EU, with estimates suggesting BYD may account for a significant portion of its 2024 export targets. Lyon expects the impact of the tariff increase on BYD's 2024 profit to be between 500 million and 1 billion yuan, with potential mitigation strategies discussed.
Source: YAHOO