The European Union has imposed steep new tariffs on electric vehicles imported from China following an anti-subsidy probe. Brussels is seeking to stem a flood of low-priced EVs from the Asian economic superpower to protect its own manufacturers.
The provisional extra duties of up to 38% will apply from July 5 for a maximum duration of four months, according to a press release issued by the European Commission on Thursday.
Car maker BYD will be subject to a 17.4% tariff, while Geely, which owns Sweden’s Volvo, is facing a 19.9% tariff. Other car makers that cooperated with the investigation will face an average duty of 20.8%. The duty for other non-cooperating companies will be 37.6%, the release states.
