The European Union will proceed with imposing tariffs on electric vehicles made in China, and the proposed tariffs on China-made EVs will be at rates up to 45% and are set to be imposed from next month for a period of five years, reported Reuters.
These rates would be higher than the 38.1% rate proposed by the European Union in June, though lower tariff rates have been agreed upon for selected makes in September, with Tesla having its tariff rate reduced from 20.8% to 7.8%, Geely’s reduced from 19.9% in July to 18.8%, and from 17.7% in July to 17%.
A vote taken on Friday saw 10 EU members support the tariffs, five members voted against, with 12 abstentions, Reuters cited European Union sources as saying.
The European Commission, which oversees the EU’s trade policy, has said it would counter ‘unfair Chinese subsidies’ following a year-long anti-subsidy investigation, however it would continue talks with Beijing on the matter, where a possible compromise could be through the setting of minimum prices on the vehicles.
Meanwhile, Volkswagen Group CEO Oliver Blume said that the European Union should consider adjusting the planned tariffs to make allowances for investments made in Europe by Chinese carmakers.
“Instead of punitive tariffs this should be about mutually giving credit for investments. Those who invest, create jobs and work with local companies should benefit when it comes to tariffs,” adding that there is a risk tariffs by China in retaliation that would hurt European carmakers, Blume said in an interview with Bild am Sonntag, according to a separate Reuters report.
The post European Union pushes ahead with tariffs on EVs made in China – up to 45%, to take effect next month appeared first on Paul Tan's Automotive News.
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