EU is set to impose higher tariffs on electric vehicles imported from China, according to Bloomberg. The new tariffs will impact Chinese car manufacturers such as SAIC (MG), Geely (Volvo), and BYD, with Tesla also facing an increased tariff of 9 percent.
The agreement was announced on Tuesday. It is part of the EU’s effort to counteract subsidies provided by the Chinese government to its automotive industry. The new tariffs are expected to take effect later this year, with a likely start no later than November. Countries including Germany and Hungary have voiced opposition to the move.
Car manufacturers such as MG, Volvo, and BYD will face even higher tariffs of 36.3 percent, 19.3 percent, and 17 percent, respectively. Tesla’s stock rose on Tuesday, as investors had anticipated harsher measures for the American company.
The new tariffs will be in addition to the existing 10 percent tariff on exports from China. The proposed rates may still change before final approval and implementation in November.
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