'EU Imposes Tariffs on Chinese Electric Vehicle Imports Effective July 5th'

Money | July 4, 2024, 5:53 p.m.

The European Union will impose tariffs on China-made battery electric vehicles starting July 5, 2024. Initially reaching up to 38.1%, the revised tariffs set specific rates for major Chinese automakers such as BYD, Geely, and SAIC. Companies who cooperated with the European Commission's investigation face a lower tariff of 20.8%, while non-cooperating companies will be charged 37.6%. The EU's anti-subsidy probe found Chinese state subsidies affecting BEV prices, prompting the new tariffs. Although provisional, the rates will be in place until EU member states vote on final implementation. Customs authorities will require bank guarantees from Chinese BEV exporters during this process. While customers may not immediately feel the impact, the EU's actions signal a shift in the global EV market dynamics.