On June 12th, the European Commission declared that starting from July 4th it will impose extra tariffs of up to 38.1% on imported Chinese electric vehicles.The European Commission stated that tariffs of 17.4%, 20%, and 38.1% will be imposed on BYD, Geely, and SAIC Group respectively; 21% tariff will be imposed on other manufacturers; Tesla cars imported from China may be subject to separate tax rates.According to Reuters, Washington announced plans to quadruple duties for Chinese EVS to 100%, and Brussels stated that it would combat excessive subsidies with additional tariffs ranging from 17.4% to 38.1% on top of the standard 10% car duty.European automakers are facing an influx of lower-priced EVS from Chinese rivals. On average these EVs are 20% cheaper than EU made models, and their share of the EU market has risen from less than 1% in 2019 to 8% in 2024.These tariffs were put into place in hopes of preventing the collapse of European EV manufacturers in the face of such fierce competition.In response, Beijing stated that it would also take measures to safeguard its interests.“We urge the EU to abide by its commitment to support free trade and oppose protectionism, and work with China to safeguard China-EU economic and trade cooperation,”shared the Chinese foreign ministry spokesperson Lin Jian.Several European carmakers have voiced their opinions against these tariffs as well, stating that the EU didn't need to increase barriers to trade and that the negative effects of the tariffs would outweigh any potential benefits.Chinese car makers are making the best of the situation by investing in European production, as producing in Europe would allow them to avoid having to import cars and therefore avoid the tariffs.Secretary General Cui Dongshu from the Chinese Passenger Car Association stated that“The EU's provisional tariffs come basically within our expectations, averaging around 20%, which won't have much of an impact on the majority of Chinese firms. Those exporting China-made EVs that include Tesla, Geely, and BYD still have huge potential for development in Europe in the future.”Source:https://www.reuters.com/business/autos-transportation/eu-impose-multi-billion-euro-tariffs-chinese-evs-ft-reports-2024-06-12/The European Union has announced that it will impose tariffs on electric car imports from China in early July, and China has said it will take steps to defend its rights - Wall Street Facts (wallstreetcn.com) 关注及时了解国际合作与投资动态加入会员享更多权益