Chinese electric car makers hit with new European Union tariffs
What new tariffs has the EU imposed on Chinese electric vehicles?
The European Union has imposed new tariffs on Chinese electric vehicles, ranging from 17.4% to 37.6% for individual manufacturers, which is in addition to the existing 10% duty on all electric cars imported from China. This move aims to protect the EU's motor industry and counter alleged unfair subsidies for Chinese EV producers.
How do the new EU tariffs affect European consumers' affordability of EVs?
The new EU tariffs on Chinese electric vehicles (EVs) range from 17.4% to 37.6%, in addition to the existing 10% duty. This could raise the price of EVs across the EU, making them less affordable for European consumers. The impact on affordability will depend on the specific tariff imposed on different EV models and how much of the cost is passed on to buyers.
What are the expected market share projections for Chinese EVs in the EU by 2027?
According to Transport and Environment (T&E), a Brussels-based green group, Chinese EV brands could reach a market share of 20% in the EU by 2027. This projection is based on the rapid growth of Chinese EV sales in the EU, rising from 0.4% in 2019 to almost 8% in 2023.