The European Commission plans punitive duties on Chinese electric cars imported into Europe. The Brussels authorities announced this on Wednesday. The height should vary depending on the manufacturer. However, the introduction has not yet been completed.
They now want to discuss the results of the anti-dumping investigation with the Chinese authorities. If no solution is found in these negotiations, the punitive rates will provisionally be introduced on July 4. The customs authorities of the 27 EU countries would then have to demand the import tariffs in the form of a guarantee.
In fact, the punitive taxes will only be levied once the measure has been officially confirmed – this requires the agreement of EU countries.
That’s how much the manufacturers should pay
The European Commission foresees different tariffs for different car manufacturers: an import tariff of 17.4 percent will apply to BYD, 20 percent will be required from Geely (Volvo, Polestar) and 38.1 percent from the Chinese state partner group Volkswagen SAIC. Other car manufacturers that cooperated in the EU investigation would face an “average weighted tariff of 21 percent”.
There will be a tariff of 38.1 percent on electric cars from manufacturers that have not cooperated. There is currently a uniform rate of 10 percent for all electric cars.
Chinese manufacturers are not impressed
Manufacturers from the Middle Kingdom are sticking to their plans for their European operations despite the threat of anti-dumping duties, according to an industry association. “Chinese companies will continue to steadfastly develop their businesses in Europe and integrate into local markets,” Cui Dongshu, secretary general of the Chinese Auto Association CPCA, said on Tuesday.
However, Cui tried to relax: the car industry plays an important role in the European labor market. “Chinese companies will not take aggressive steps to endanger the stability of the labor market in Europe.”
Recently, however, Chinese auto exports have suffered a setback. In May, 4 percent fewer electric and hybrid vehicles were sold abroad than a year earlier, CPCA data show. Across all disc types, exports even fell by 9 percent. “The export data did not meet our expectations,” Cui said.
German car manufacturers are skeptical
Top executives from BMW, Mercedes and Volkswagen have warned against imposing import tariffs on vehicles from China. German carmakers generate 20 to 23 percent of their profits in the world’s second-largest economy, according to estimates by analysts at HSBC bank. In addition, a large proportion of cars imported into the EU from China come from European manufacturers.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
