China-built EVs hit with EU tariffs; Nio says it may have to raise prices in Europe
What are the new tariff rates on Chinese EVs in Europe?
The new tariff rates on Chinese electric vehicles (EVs) in Europe range from 17.4% to 37.6%. These duties, implemented by the European Union, are in response to an investigation that concluded EV producers in China benefit from "unfair" subsidization. This move is expected to impact major automakers, including Chinese giant BYD and potentially Tesla, which has a factory in Shanghai.
When will the increased tariffs on Chinese EVs take effect?
The increased tariffs on Chinese EVs will take effect on August 1, 2024.
Which automakers are affected by Europe's new EV tariffs?
The new European Union tariffs on electric vehicles (EVs) imported from China affect a range of automakers. These include Chinese companies such as BYD, NIO, Geely, and SAIC, as well as European and American brands that manufacture cars in China, like Tesla. The tariffs range from 17.4% to 37.6% and are imposed on top of the existing 10% duty.