The EU offers China a reprieve from tariffs on electric vehicles until July 4th.
On Wednesday, the European Union Commission revealed the results of their ongoing competition investigation, stating that electric vehicles powered by batteries in China are receiving unfair government subsidies. This could potentially harm EU manufacturers economically.
If negotiations with China fail to produce a resolution, the current tariff of 10% on Chinese electric cars may be raised considerably. The European Commission estimates that if no agreement is reached, the additional surcharge for BYD would be 17.4%, Geely 20%, and SAIC 38.1%.
According to the Commission, these temporary compensation tariffs will be implemented as of July 4. Each EU state has the authority to choose the method for the security deposit.
