Electric Vehicle | EU Further Slightly Reduces Import Tariffs on Chinese EVs

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Electric Vehicle | EU Further Slightly Reduces Import Tariffs on Chinese EVs

Date：2024-09-11

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Keyword tags： EV Policy EU

Reports from Reuters and Bloomberg on September 10th state that the European Union plans to lower the proposed final tariffs on Tesla and slightly trim rates for other electric vehicles from China, following the submissions made by the companies.

According to the reports, Tesla's proposed tariff rate will decrease from 9% to 7.8%, and Geely's new rate will drop from the previous 19.3% to 18.8%. The highest tariff, originally set at 36.3% for SAIC and other automotive companies not cooperating with the EU investigation, will also be reduced to 35.3%. However, the 17% tariff rate for BYD remains unchanged.

These tariffs are additional to the EU's standard 10% import duty on automobiles.

Last month, on August 24th, the EU proposed preliminary final tariffs based on the tariff proposal made on July 4th, 2023. Tesla was assigned a separate tariff rate of 9%, while BYD, Geely, and SAIC saw only minor adjustments to their rates. Other Chinese EV manufacturers who cooperated with the investigation but were not sampled will be subject to a 20.8% tariff, while those who did not cooperate will face a high tariff of 37.6%.

Affected companies are given 10 days to submit their comments on the proposed tariffs, and the European Commission will take these into account when establishing revised rates. The proposed final duties are subject to a vote by the EU's 27 member states. Unless a qualified majority of 15 EU members, representing 65% of the EU population, vote against it, these tariffs are set to be implemented. Once effective, the tariffs will be in place for five years.

China has expressed its willingness to continue close cooperation with the EU to reach a solution that aligns with the common interests of both parties and complies with WTO rules, promoting a healthy and stable development of China-EU economic and trade relations.

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