The European Commission is set to inform car manufacturers on Wednesday that it will temporarily impose additional duties of up to 25% on imported Chinese electric vehicles starting next month, according to a report by the Financial Times, citing sources familiar with the matter.
Analysts predict these tariffs will range from 10% to 25% on Chinese EVs, potentially prompting retaliation from Beijing. The European Commission has stated that Chinese EVs benefit from excessive subsidies.
Following Washington's recent move to increase duties on Chinese EVs to 100%, Brussels is anticipated to impose significantly lower tariffs on imports from Chinese manufacturers like BYD (SZ:002594) and Geely, as well as Western companies like Tesla (NASDAQ) that export vehicles from China to Europe.
This action comes as European automakers face competition from a surge of more affordable EVs from Chinese competitors.
China has criticized the EU's anti-subsidy investigation, called for cooperation, and lobbied individual EU countries, but has not clearly outlined its response to the tariffs.
Paraphrasing text from "Reuters" all rights reserved by the original author.
