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to impose steep tariffs on China-made EVs despite risk of slowing EV adoption in Europe","eu-to-impose-steep-tariffs-on-china-made-evs-despite-risk-of-slowing-ev-adoption-in-europe","article/eu-to-impose-steep-tariffs-on-china-made-evs-despite-risk-of-slowing-ev-adoption-in-europe",{"_uid":557,"date":558,"tags":559,"editor":578,"content":588,"excerpt":679,"featured":51,"reporter":680,"_editable":684,"component":685,"seo_title":553,"categories":686,"visibility":696,"author_company":49,"featured_image":697,"seo_description":679,"author_full_name":49,"author_job_title":49,"formattedDate":701,"formattedArticleDate":702},"de878da1-ab7c-4823-b204-73e9edcec94e","2024-10-30 00:00",[560,563,566,569,572,575],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"electric-vehicles","electric vehicles",{"slug":567,"name":568},"europe","Europe",{"slug":570,"name":571},"european-union","European Union",{"slug":573,"name":574},"tariffs","Tariffs",{"slug":576,"name":577},"policy","Policy",[579],{"slug":580,"name":581,"content":582},"matthew-bird","Matthew Bird",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Senior Editor - Supply Chains & Data Visualisation",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":589,"content":590},"doc",[591,598,603,608,615,620,625,630,635,644,649,654,659,664,669,674],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595],{"text":596,"type":597},"The European Union (EU) is moving ahead with plans to impose steep import tariffs of up to 35.3% on China-made electric vehicles (EVs) for five years, in addition to a 10% import duty already in place. ","text",{"type":592,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":597},"With higher tariffs, the bloc aims to protect Europe’s EV industry from what it perceives as unfair competition due to significant subsidies provided by Beijing to Chinese EV makers.",{"type":592,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":597},"“Adding tariffs to low-cost EVs coming out of China will slow Europe’s transition, as high EV prices, amid the tough economic climate for consumers, has been a driver of the growth slowdown,” said Luke Gear, analyst at Benchmark. ",{"type":609,"attrs":610,"content":612},"heading",{"level":611,"textAlign":49},4,[613],{"text":614,"type":597},"Impact of the EU’s tariffs",{"type":592,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":597},"The EU was the largest recipient of China’s EV exports in 2023 with 31% share. ",{"type":592,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":597},"“China-made EVs sold in Europe will be reduced as some OEMs, such as SAIC, will struggle to absorb larger tariffs. However, most Chinese exports currently come from BYD and Tesla and they are expected to remain competitive as both have received tariffs on the lower end of the range and are already achieving high levels of production,” said Gear.",{"type":592,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":597},"“Any edge or advantage will be very limited or non-existent for Europe. This is more about bringing back towards alignment rather than giving European manufacturers an advantage. Europe’s challenges remain the same – building desirable, high quality EVs at a price point that is both profitable and affordable,” said Charles Lester, analyst at Rho Motion, a Benchmark-owned company.",{"type":592,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":597},"Further, according to Gear, considering that the plug-in hybrid vehicles are excluded from the European tariffs, Chinese OEMs could prioritise hybrid exports over battery EVs, particularly as sentiments are beginning to shift towards hybrids in western markets.  ",{"type":592,"attrs":636,"content":637},{"textAlign":49},[638],{"type":639,"attrs":640},"image",{"id":49,"alt":641,"src":642,"title":49,"source":49,"copyright":49,"meta_data":643},"","https://a.storyblok.com/f/287943243085208/e3bdf90085/bm-eu-tariff-china-v2-30102024-cp.png",{},{"type":609,"attrs":645,"content":646},{"level":611,"textAlign":49},[647],{"text":648,"type":597},"What do EU tariffs look like?",{"type":592,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":597},"The commission has slightly revised the tariffs lower, which are now expected to be in the range of between 7.8% for Tesla to 35.3% for SAIC, from between 9% to 36.3% that it had announced earlier.",{"type":592,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":597},"Tesla’s China-made vehicles would be imposed with the lowest import tariff than rival Chinese EV makers. ",{"type":592,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":597},"According to the EU statement the tariffs will take effect on Oct 30.",{"type":592,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":597},"The bloc’s final decision follows a round of closed voting earlier this month in which 10 member countries voted in favour of the steep tariffs, while five including Germany voted against the move and 12 abstained from the voting.",{"type":592,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":597},"In June this year, the bloc announced tariffs for individual companies based on their levels of cooperation and information that they furnished. A month later it imposed provisional tariffs which were then revised lower in August. The EU said it will not collect the provisional duties imposed in July.",{"type":592,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":597},"The EU said it continues to work with China towards finding alternative solutions and is open to negotiating price undertakings with individual exporters. In an apparent retaliation, China had earlier this month launched probes on import of various goods including dairy products and brandy.","The European Union (EU) is moving ahead with plans to impose steep import tariffs of up to 35.3% on China-made electric vehicles (EVs) for five years, in addition to a 10% import duty already in place. With higher tariffs, the bloc aims to protect Europe’s EV industry from what it perceives as unfair competition due […]",[681],{"slug":580,"name":581,"content":682},{"job_title":583,"image":683,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de878da1-ab7c-4823-b204-73e9edcec94e\", \"id\": \"\"}-->","article",[687,690,693],{"slug":688,"name":689},"batteries","Batteries",{"slug":691,"name":692},"ev","EV",{"slug":694,"name":695},"geopolitics","Geopolitics","private",{"id":49,"alt":641,"name":641,"focus":641,"title":641,"source":641,"filename":698,"copyright":641,"fieldtype":699,"meta_data":700,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7797859881/bm-chineseexports.jpg","asset",{"alt":641,"title":641,"source":641,"copyright":641},"Oct 30, 2024","30th October 2024",[],[],1792773895114]