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The EU Will Impose Tariffs of Up to 48% on Chinese Electric Cars

Ignacio Teson•Wednesday, June 12, 2024•1 min read

The EU also warned about potential additional tariffs on Tesla electric vehicles manufactured in China.

Brussels will Impose Tariffs of Up to Nearly 50% on Chinese Electric Vehicles, Ignoring German Government’s Warnings

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The European Commission notified automakers on Wednesday that it will provisionally impose additional tariffs ranging from 17% to 38% on imported Chinese electric vehicles starting next month. These tariffs will be applied on top of the existing 10% tariffs on all Chinese electric vehicles, depending on the findings of an EU investigation into electric car manufacturers.

Major exporters, including BYD, the world’s largest electric vehicle manufacturer, and Geely, will face individual additional tariffs ranging from 17% to 20%.

Electric vehicles manufactured in China by Tesla “may receive an individually calculated tax rate,” the commission stated.

China’s Ministry of Commerce expressed that it was “very concerned and very dissatisfied” with the EU’s “misinformed and chaotic” action, warning that it would “take all necessary measures” to protect the rights of Chinese companies.

“The European Commission is politicizing and weaponizing economic and trade issues,” the ministry said in a statement. “The EU fabricated and exaggerated the so-called subsidies. This is a blatant act of protectionism.”

The China Chamber of Commerce to the EU expressed dismay at the tariffs, stating that they “would pose a severe market barrier.”

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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