The European Union announced it would lower the tariff rate on Tesla vehicles made in China to 9% after Tesla requested its specific subsidies be considered. The EU had planned to impose higher tariffs of more than 20% on electric vehicle imports from China as it found they benefited from unfair subsidies. Tariff rates for other Chinese EV makers like BYD, Geely, and SAIC were also lowered slightly from earlier planned rates. The EU found China's electric vehicle value chain benefits from unfair subsidies and tariffs were needed to prevent economic injury to European EV producers.
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00:00It's Benzinga and here's what's on the block.
00:02The European Union announced it would lower the tariff rate on Tesla vehicles made in
00:06China to 9% after Tesla requested its specific subsidies to be taken into account.
00:12The EU had planned to impose higher tariffs of more than 20% on electric vehicle imports
00:16from China as it found they benefited from unfair subsidies.
00:20Tariff rates for other Chinese EV makers like BYD, Geely, and SAIC were also lowered slightly
00:26from earlier planned rates.
00:27The EU found China's electric vehicle value chain benefits from unfair subsidies and tariffs
00:32were needed to prevent economic injury to European EV producers.
00:35For all things money, visit Benzinga.com.