Investigation conducted since October 2023
June 12, 2024 The European Commission has made a preliminary decision on the upcoming increase in duties on Chinese electric vehicles. If negotiations with the Chinese authorities do not lead to an «effective solution», provisional countervailing duties will be introduced from July 4, 2024.
So far, countervailing duties for three manufacturers are indicated as an example:
- BYD: 17.4%;
- Geely: 20%;
- SAIC: 38.1%.
Other Chinese manufacturers who cooperated with the authorities during the investigation are assessed a countervailing duty of 21%. If the company did not cooperate with the authorities, then the duty will be 38.1%.
The documentation on the European Commission website indicates that countervailing duties will be added to existing duties in the amount of 10%. Thus, the total duty will be up to 48%. The exception is the Shanghai Tesla plant, for which the rate will be calculated individually. The final decision will be made within four months after the introduction of temporary duties.
Recall that the European Commission has officially initiated an investigation into the import of Chinese electric vehicles. According to the European Commission, Chinese manufacturers «benefit from unfair subsidies» from the state, which creates a «threat of economic damage for BEV (battery electric vehicle) manufacturers in the EU».