China Vows To 'Firmly Safeguard' Interests Against New EU Tariffs As EV Makers, Experts Give Mixed Reactions
Portfolio Pulse from Benzinga Neuro
China has vowed to protect its interests against the European Union's potential imposition of tariffs on Chinese electric vehicles (EVs). The EU plans to apply provisional duties of up to 25% on Chinese EV imports starting next month, which could escalate to 35%. This move aims to counteract Chinese government subsidies to its manufacturers. Companies like BYD Co, SAIC, Tesla, Volkswagen, Stellantis, Mercedes Benz, and NIO will be impacted. Reactions from these companies and industry experts are mixed, with concerns about market impact and potential retaliatory measures from China.
June 12, 2024 | 1:12 pm
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NEGATIVE IMPACT
NIO, facing a 21% tariff, criticized the EU's strategy, arguing it hampers global trade and environmental protection. NIO remains committed to the European EV market despite the challenges.
NIO will face increased costs due to the tariffs, which could impact its market strategy and pricing in Europe. However, the company remains committed to the market.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Tesla, which manufactures in China, will be impacted by the EU's potential tariffs on Chinese EVs. This could affect Tesla's pricing and competitiveness in the European market.
Tesla manufactures in China and exports to Europe. The imposition of tariffs will likely increase costs, affecting pricing and competitiveness in the European market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Stellantis supports free and fair competition and remains flexible to adjust to the new tariff landscape. The company may need to adapt its strategy in response to the EU's tariffs on Chinese EVs.
Stellantis has expressed flexibility in adapting to the new tariff landscape, indicating a neutral short-term impact as the company adjusts its strategy.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60