Chinese electric car makers hit with new European Union tariffs
www.bbc.co.uk
The move poses a challenge to Beijing, which hopes EVs will help revive the country's flagging economy.

Probably not what you’re expecting - but the fact that the once iconic ‘British’ car is now made in China.

I spent many hours under the hood of my MGB GT :-(

  • AutoTL;DR@lemmings.worldBEnglish
    1·
    6 months ago

    This is the best summary I could come up with:

    The European Union has raised tariffs on Chinese electric vehicles, as Brussels takes action to protect the bloc’s motor industry.The new tariffs on individual manufactures range from 17.4% to 37.6%, which is on top of a 10% duty that was already in place for all electric cars imported from China.This could raise the price of EVs across the EU, making them less affordable for European consumers.The move is also a major blow for Beijing, which is already in a trade war with Washington.

    "T&E projects firms like BYD and Shanghai Automotive Industry Corporation (SAIC), the Chinese owner of the formerly British brand MG, could reach a market share of 20% by 2027.But not all Chinese-made EVs will be hit equally by the new tariffs.

    Based on these criteria, the European Commission has set individual duties on three Chinese EV brands - SAIC, BYD and Geely.SAIC has been hit with the highest new tariff of 37.6%.

    "Other firms, including European car makers operating factories in China or through joint ventures, will also have to pay more to bring electric cars into the EU.Those deemed to have cooperated with the probe will face an extra duty of 20.8%, while those EU investigators see as non-cooperative will pay the higher tariff of 37.6%.US-based Tesla, which is the biggest exporter of electric vehicles from China to Europe, has asked for an individually calculated rate which EU officials have said will be determined at the end of the investigation.Still, the firm has posted a notice on some of its European websites, that prices for its Shanghai-made Model 3 could increase due to the new tariffs.

    “It’s a well architected plan to encourage companies to shift their investments to the EU, instead of relying on exporting from China,” said Bill Russo, from Shanghai-based consulting group Automobility.

    "Meanwhile, the world’s second largest economy is struggling to shake off an economic slowdown in the wake of the pandemic and an ongoing property crisis.Faced with lower domestic consumption and investment levels, China is trying to “export its way out” of the slump, says Alicia Garcia-Herrero, chief economist for the Asia Pacific region at investment bank Natixis.And Beijing is placing yet another large bet on EVs by making the industry one of its “New Three” growth drivers - a government blueprint for reviving the economy that also relies on exports of batteries and renewable energy.However, with major markets like the US, the EU and others imposing tariffs and other barriers, it looks like China’s latest gamble could deepen trade tensions with some of its largest trading partners.

    The original article contains 1,396 words, the summary contains 427 words. Saved 69%. I’m a bot and I’m open source!