Chinese EV Makers Hit EU Wall as Tariffs Add to Import Costs [Yahoo! Finance Canada]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Manufacturers such as BYD Co. and SAIC Motor Corp.'s MG accounted for 7.4% of EV registrations across Europe in November, down from 8.2% in October, according to automotive researcher Dataforce. That's the lowest level since March. The European Union imposed the added tariffs at the end of October, after an investigation found that state aid had provided China's EV industry with an unfair advantage. Months of talks failed to resolve the trade dispute, leading Brussels to tack the new fees onto an existing 10% import duty. While all EVs produced in China are subject to the tariffs, including ones made by Western brands like BMW AG and Tesla Inc., the amounts vary depending on how much support an automaker received and whether it cooperated with the EU's probe. MG's state-owned parent SAIC was hit hardest, with tariffs that now total 45%. Long the top-selling Chinese carmaker in Europe, the once-British sportscar brand has faltered recently, logging a 5
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