Tesla’s tariff rate has reportedly been reduced from 9% to 7.8%, and Geely’s tariff rate has been reduced from 19.3% to 18.8%, but China has expressed its willingness to work with the EU to find a solution that satisfies both sides.
September 10, 2024 11:50
- The European Union has again revised its tariffs on a small number of electric vehicles imported from China.
- Tesla’s tariff rate has reportedly been reduced from 9% to 7.8%, and Geely’s tariff rate has been reduced from 19.3% to 18.8%.
- Chinese officials say they are eager to meet with their European counterparts to find a mutually acceptable solution to the trade dispute.
The European Union is reportedly making a second round of changes to its tariffs on cars imported from China, and the changes are good news for Tesla and Geely, but Chinese officials say they want to meet with their European counterparts to work out a new deal that both sides can live with.
Tesla’s tariff rate has been reduced to 7.8% from 9%, after previously being at 20.8%, which the EU adjusted last month following an appeal by the U.S. automaker. Reuters report.
RELATED: EU tariffs could ‘wipe out’ VW Cupra, VW CEO warns
After further investigation, the EU determined that Tesla did not receive as much Chinese government aid as some other automakers, although it did benefit from battery discounts. Reuters It did not specify the reason for the latest tariff cut, saying only that the decision was based on new information provided by the company.
Other automakers that do cooperate, such as Chery and NIO, will be subject to a 20.7% tariff, and each of the tariffs is imposed on top of the regular 10% tariff on imported cars, meaning they could severely hurt the profitability of the automakers.
It is therefore not surprising to learn that Chinese officials now express a desire to sit down at the negotiating table with their EU counterparts and reach a deal that satisfies both sides.
The same report also said that China’s Vice Commerce Minister Li Fei met with the Director-General of the European Commission this week and made it clear that China is eager to start negotiations.
China’s Ministry of Commerce reportedly issued a statement on Tuesday saying: “China is willing to continue to work closely with the EU to reach a solution that is in the common interests of both sides and in line with WTO rules, and to promote the healthy and stable development of China-EU economic and trade relations.”
Leave a Reply Cancel reply
You must be logged in to post a comment.