TOPSHOT - People look at a BYD Seagull car by Chinese electric vehicle (EV) manufacturer BYD Auto at the Bangkok International Motor Show in Nonthaburi on March 27, 2024.
(Photo by Lillian SUWANRUMPHA / AFP) (Photo by LILLIAN SUWANRUMPHA/AFP via Getty Images)The European Union is expected to reveal its tariff rate plan for Chinese electric vehicles this week, as the bloc cracks down on low-priced, subsidized imports.
The EU has a standard 10% duty on imported EVs, but is set to provisionally raise those fees for Chinese EVs starting July 4.
Citi analysts on Monday said the tariff rate could be "hiked to ~25-30% from 10% currently, while our risk scenario (40% probability) envisages a hike in the tariff rate to 30-50%."
Ursula von der Leyen, president of the European Commission, saw her party – the European People's Party – gaining seats on Sunday.
Persons:
Lillian SUWANRUMPHA, LILLIAN SUWANRUMPHA, Anthony Sassine, Ursula von der Leyen, Von der Leyen
Organizations:
BYD Auto, Getty, EU, EVs, Citi, European Commission, European People's Party
Locations:
Bangkok, Nonthaburi, AFP, Beijing