DIRS.INFO The most relevant business & tech news

☆ The EU just made Chinese EVs a lot more expensive — and created a new threat for European automakers
▼ + stars: | 2024-10-04 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Europe is clamping down on Chinese electric cars. European automakers are facing plunging EV sales and pressure over looming emissions targets. AdvertisementEurope is clamping down on Chinese electric cars — but the move to protect the continent's automakers could create a new problem for the likes of Volkswagen and BMW. The European Union voted to impose sweeping tariffs on Chinese EV makers on Friday as it seeks to protect its automotive industry from what the bloc claims are unfairly subsidized cheap Chinese electric vehicles. The European tariffs come after the US introduced its own trade restrictions against Chinese EVs earlier this year.

Persons: —, Teslas, Elon Musk, Tesla, Viktor Orbán, French carmaker Renault, Luca de Meo, Julia Poliscanova Organizations: EU, Service, Volkswagen, BMW, European Union, SAIC, Benz Group, BMW Group, Mercedes, Benz, VW, French, Reuters, Transport, Environment, Transport & Environment, Business Locations: Europe, China, Paris, Germany, Hungary, Frankfurt, Beijing

☆ Auto giants are getting nervous about the prospect of mega fines as EV demand falters
▼ + stars: | 2024-10-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Cfoto | Future Publishing | Getty ImagesEurope's top car giants appear to be increasingly concerned about the prospect of massive fines, particularly as electric vehicle demand falters ahead of the next tightening of carbon regulations. "The fines are massive actually. "Manufacturers are pretty much focused on conventional hybrids and ICE vehicles because they are much more profitable," ING's Luman said. Pooling refers to the process in which car manufacturers team up to be considered as one entity when calculating their performance against a CO2 emissions target. Not everyone is convinced that the sales challenge that Europe's car industry faces constitutes an industry-wide crisis.

Persons: Rico Luman, Europe's carmakers, Luman, Luca de Meo, ACEA, Tim McPhie, McPhie, ING's Luman, Sean Gallup, Xavier Demeulenaere, Demeulenaere, Brandon Bell Organizations: Volkswagen, ING, CNBC, videoconference, Renault, EV, Reuters, European Automobile Manufacturers ' Association, BMW, Ferrari, Volvo, European Commission, Ford, Benz Group, Manufacturers, Getty, P Global Mobility, Transport, Environment, Hill Locations: Anhui, Hefei, China, Europe, ACEA, Weissenfels, Germany, Austin , Texas

☆ Tesla just stopped selling the cheapest version of the Model 3 in the US. An analyst called it 'a smart strategic move.'
▼ + stars: | 2024-10-03 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Tesla just quietly removed its most affordable Model 3 from the US lineup on its website. Analyst Dan Ives called the shift strategic, as Tesla's focus in the US remains on the Model Y. AdvertisementTesla just silently killed its most affordable version of the Model 3 sedan in the US — a good move, one bullish analyst told Business Insider. Now, the cheapest Tesla car is the Model 3 Long Range Rear-Wheel Drive, priced at $42,490. Dan Ives, an analyst at Wedbush and a longtime Tesla bull, told Business Insider that the discontinuation is "a smart strategic move" signaling a greater focus on the Long Range Model 3.

Persons: Tesla, Dan Ives, —, Elon, Ives, Nio Organizations: Service, Reuters, EV, Vehicles, China Cold Tech, US, HSBC, country's, BI Locations: China, US

☆ Car companies have plenty of inventory, but the port strike will affect European brands the most
▼ + stars: | 2024-10-01 | by ( Benjamin Zhang | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Car companies have plenty of inventory, enough to cover 77 selling days. If no new inventory arrives, car companies have, on average, a 77-day supply of vehicles to sell. AdvertisementEuropean carmakers such as BMW, Mercedes-Benz, Volkswagen, and Volvo are expected to be most heavily affected, Reuters reported, citing research by Barclays analysts. BMW, Mercedes-Benz, Volvo, and Volkswagen all operate vehicle-processing and -distribution facilities at the port. At the same time, the Port of Jacksonville handled just over half a million vehicles from Toyota and Volkswagen in 2023.

Persons: Longshoremen, —, Martin Meissner, Cox, Mercedes, Stephen B, Morton Organizations: Service, Cox Automotive, BMW, Mercedes, Benz, Volkswagen, Volvo, Reuters, Barclays, VW, Audi, Toyota, Hyundai, Lexus, Kia Telluride, Port, Georgia Port Authority, Kia, International Longshoremen's Association, US Maritime Alliance, Associated Press Locations: Gulf, Europe, East, New York, Baltimore, Savannah , Georgia, Bremerhaven, Germany, West Coast, Asia, Coast, Jacksonville , Florida, Brunswick, Georgia, Savannah, Port, Jacksonville

☆ Stellantis shares plunge as carmaker follows Volkswagen in profit warning
▼ + stars: | 2024-09-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Stellantis said it would reduce inventory levels in the United States and ship 200,000 fewer vehicles to North American dealers in the second half of 2024 than in the same period last year. Volkswagen said earlier this month that around 2 million fewer cars are being sold in Europe per year compared with pre-pandemic levels. Volkswagen itself is selling 500,000 fewer cars annually in the region, the equivalent of around two car plants. “To remain competitively viable, we have to comprehensively restructure Volkswagen… because the situation is serious,” the company said last week. “Volkswagen has to increase efficiency and reduce costs.”For Stellantis, Monday’s profit warning is the latest piece of bad news.

Persons: American carmaker, Ram Trucks, Stellantis, Volkswagen’s, Aston Martin Lagonda Organizations: London CNN —, Chrysler, Milan, Citroen, Peugeot, North, Volkswagen, Aston, IG Metall, United Auto Workers Locations: American, North America, United States, North American, China, London, Europe, Detroit

New U.S. tariffs on $18 billion in Chinese goods take effect Friday as trade tensions intensify between the world’s two largest economies. For example, the U.S. imports almost no Chinese EVs, largely because of an existing 27.5% tariff that is now increasing to 100%. Lithium-ion batteries, however, are a different story, accounting for about $13 billion of the $18 billion in affected Chinese goods. Similarly, the U.S. has been increasing its Chinese imports of natural graphite, another crucial component of EVs. “Cheaper Chinese solars and cheaper Chinese EVs can actually take jobs away from a lot of manufacturers in, say, the West.

Persons: Donald Trump, Joe Biden, Trump, Chim Lee, ” Lee, Charles Benoit, “ that’s, Benoit, ”, Biden, Julie Kozack, Lee, it’s Organizations: Economist Intelligence Unit, Biden, China, European, Coalition for, Prosperous, International Monetary Fund, U.S Locations: U.S, Beijing, China, Asia, Southeast Asia, Mexico, Malaysia, Prosperous America

☆ Barclays names 5 global stocks that could benefit from China's stimulus — giving one over 100% upside
▼ + stars: | 2024-09-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Barclays has identified a handful of European stocks poised to benefit from China's anticipated economic stimulus measures. Mainland Chinese stocks jumped on the news. The investment bank suggested that China's current economic climate resembles April 2024, when Chinese and China-exposed stocks experienced a significant rally. According to Barclays, U.K.-headquartered insurer Prudential , cosmetics giant L'Oreal , carmakers BMW and Mercedes , and miner Rio Tinto are among the top European stocks that could benefit from China's stimulus efforts. China's recent economic challenges have been evident, with the country experiencing its longest period of deflation since 1999.

Persons: Anshul Gupta, Larry Hu, Hu, — CNBC's Michael Bloom, Evelyn Cheng Organizations: Barclays, People's Bank of China, Prudential, L'Oreal, carmakers BMW, Mercedes, Rio Tinto, U.S, Prudential plc, Macquarie Locations: China, Rio, China's

☆ South Korea’s Hyundai and US’ GM to work together on developing new cars
▼ + stars: | 2024-09-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hyundai and General Motors (GM) have agreed to look for ways to work together on developing new vehicles, supply chains and technologies in an effort to cut costs and move more quickly. Global carmakers are under intense pressure to come up with new electric vehicle (EV) and battery technology because they face vehicle emissions regulations around the world. South Korea’s Hyundai and America’s GM (GM) said on Thursday they would collaborate on joint product development, manufacturing and future clean energy technologies. The non-binding framework agreement was signed by Hyundai Motor Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Including its affiliate Kia, Hyundai Motor is the world’s third-largest automaker by sales, according to Reuters, while GM is currently America’s largest carmaker, having retaken that title from Toyota in 2022.

Persons: Hong Kong CNN —, They’re, Euisun Chung, Mary Barra, “, ” Barra, ” Chung, Cruise Organizations: Hong Kong CNN, Hong Kong CNN — Hyundai, General Motors, Global, EV, Korea’s Hyundai, America’s GM, Hyundai Motor, Kia, Hyundai, Reuters, GM, Toyota, Nissan, Renault, Honda, — Locations: Hong Kong, Japan

☆ Car giants are being forced to confront some hard truths over the EV transition
▼ + stars: | 2024-09-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The Swedish automaker said it now aims for between 90% and 100% of its car sales to be fully electric or plug-in hybrid models by 2030. "I think a lot of manufacturers are obviously going through this process [of delaying electrification targets] at the moment. The U.K., for instance, introduced a mandate that requires 22% of new car sales this year to be zero-emission vehicles (ZEVs). The mandate, which aims to reduce the number of polluting vehicles on the road, will rise annually until it reaches 100% of new car sales by 2035. A Volkswagen ID4 electric car charges at a charging station in a parking lot at Autostadt Wolfsburg.

Persons: Brandon Bell, Tim Urquhart, CNBC's, we're, Urquhart, carmaker, BEV, —, it's, Rico Luman Organizations: Volvo, Hill, Getty, Wednesday, Volkswagen, Ford, Benz Group, P Global Mobility, Volvo Cars, Autostadt Wolfsburg, Volkswagen AG, BEVs, European, ING Locations: Austin , Texas, China, Swedish, Europe

☆ Sweden's Volvo Cars scraps plan to sell only electric vehicles by 2030
▼ + stars: | 2024-09-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Volvo Cars, which is owned by China's Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said its long-term aim remains to become a fully electric carmaker. The target replaces a 2021 pledge for Volvo Cars' lineup to be fully electric by the end of the decade. The move means Volvo Cars follows in the footsteps of other industry players in scaling back its EV ambitions. Shares of Volvo Cars traded more than 4% lower Wednesday.

Persons: China's Geely, carmakers, Mercedes, Jim Rowan Organizations: Volvo, China's, Volvo Cars, Benz Group, Volkswagen Locations: Germany

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ The United States and Europe need China for clean energy. They will pay a price to break free
▼ + stars: | 2024-08-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

London CNN —The United States and Europe are racing to narrow China’s commanding lead in clean energy technologies, throwing subsidies at local manufacturers and hiking tariffs on Chinese imports in a strikingly protectionist turn. Without China’s electric vehicles (EVs), solar panels, wind turbines, and batteries, reducing planet-heating pollution could take longer and ultimately increase costs for businesses and consumers. Beijing’s virtual monopoly on the processing of some critical minerals comes with particular risks for the global green transition. Zhu Haipeng/VCG/APAny delay in switching to clean energy will exact a heavy toll on the planet. Birol at the IEA also advocates for trade policies that diversify supply chains while reducing the risk of delays to the clean energy transition.

Persons: “, Margrethe Vestager, ”, ” Fatih Birol, David G, Victor, Michael R, Davidson, ” Victor, Pierre, Olivier Gourinchas, Zhu Haipeng, Victor of, Birol, don’t Organizations: London CNN, Russia, Getty, ”, International Energy Agency, Global, University of California, CNN, Monetary Fund, McKinsey Global Institute, Victor of University of California, IEA Locations: United States, Europe, China, Lianyungang, Washington, Netherlands, Japan, Beijing, of Taicang, Suzhou, Brookings, University of California San Diego, Fuzhou, Victor of University of California San Diego

☆ Musk embraces Trump and scorns subsidies. But Tesla still lobbies for US benefits
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: +5 min

Musk could "sacrifice some of the short-term interest in Tesla," Ward added, "if it'll satisfy the long-term interests of his ambitions." Musk and Tesla didn't respond to requests from Reuters for comment. The growing bond between Trump and Musk could be on display Monday night, when the Tesla boss is scheduled to interview the Republican candidate on X, Musk's social media platform. It's unclear exactly what ambitions Musk could seek to advance through his increasingly vocal rejection of progressive platforms – from EV subsidies to identity politics. A Reuters review of Congressional lobbying records – and Tesla's public comments to federal and state regulators – shows that the company has continued working to shape public policy in favor of such benefits.

Persons: Elon Musk, Samuel Corum, Donald Trump, Tesla, Biden, Trump, –, Elon, Mike Murphy, Andrew Ward, Ward, Musk, Gavin Newsom Organizations: Tesla Inc, Bloomberg, Getty, Tesla, Republican Party, Democratic Party, U.S . Environmental Protection Agency, Republican, Reuters, Lehigh University, Trump, Democratic, U.S . Department of Energy, U.S . Department of, Treasury Locations: Washington , DC, U.S, California, Los Angeles, EVs, Fremont , California

☆ Chinese EV makers are outpacing Tesla in one key area
▼ + stars: | 2024-07-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla is fighting to keep its EV crown, and Chinese automakers are already challenging Elon Musk's company in one crucial area: Innovation. The Washington DC-based think tank found that Chinese EV companies are 30% faster when it comes to developing and releasing new car models than automakers in other regions, including Tesla. AdvertisementAdditionally, Chinese electric-car companies like BYD are pumping out more new EVs than US automakers, including Tesla, ITIF said. The Think Tank warned US carmakers would need to "double down on genuine technological innovation" if they wanted to continue to compete with Chinese companies. Musk's company has been facing mounting pressure from EV companies in China, including BYD, which has been vying with Tesla for the title of top EV seller .

Persons: —, ITIF, Tesla, China's BYD, Li Auto, Musk Organizations: Service, Elon, Information Technology, Innovation Foundation, The Washington DC, EV, Business, BMW, Tesla, Reuters Locations: China

☆ Why Elon Musk Is Supporting Donald Trump: to Save Tesla From Disaster
▼ + stars: | 2024-07-28 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

As market competition heated up, Tesla started cutting prices, which turned into an industrywide price war that Tesla isn't winning. It's a steep fall, considering Tesla's share of the EV market used to be as high as 80%. Critics balked, but Musk assured the Tesla community that this was the only strategy to save the company. Musk is looking for ways to buy time for Tesla — and one of those ways is to get Trump elected. Preserving Tesla's market position is imperative until he can conjure another product that people are excited to buy.

Persons: Elon Musk, Donald Trump —, Tesla, Trump, Joe Biden's, Kelley Blue, Musk, Ford, —, Critics, shouldn't, ZEV, Steve Granitz, Vaibhav Taneja, China's, Elon — Organizations: Elon, Trump, Tesla, White, EV, GM, Getty Images Trump, PAC Locations: China, USA, Shanghai

☆ What would happen to U.S. carmakers if Trump allows Chinese EV makers to produce in the U.S.?
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat would happen to U.S. carmakers if Trump allows Chinese EV makers to produce in the U.S.? Michael Dunne of Dunne Insights explains why he thinks former President Trump may allow Chinese EV makers to produce in the United States.

Persons: Michael Dunne, Dunne, Trump Organizations: Trump Locations: U.S, United States

☆ Europe stocks set to open lower amid global downturn; earning season ramps up
▼ + stars: | 2024-07-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.

Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan

☆ Why Tesla’s big bet on gigacasting has other EV makers reimagining their factories
▼ + stars: | 2024-07-20 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +4 min

Gigacasting is a form of die-casting — pouring materials like molten aluminum into large molds to form parts. For example, the front and rear portions of the early Model 3 chassis each contained more than 70 parts, according to Tesla. Reducing weight ultimately means more range for the customer, and substituting one large megacast for dozens of stamped parts reduces labor and boosts production, he said. Severinson views repair as a solvable challenge: "There is a solution to repairing also a casted rear floor," he said. Burns and Volk say that might be a sign that the company is hitting some technical limits.

Persons: Elon Musk, Shea Burns, AlixPartners, Tesla, Musk, Erik Severinson, Burns, Wolfram Volk, Volk, Lars Moravy Organizations: Toyota, Ford Motor, General Motors, Hyundai, Nissan, Volvo, Technical University of Munich, BMW, Volkswagen Locations: American, Germany

☆ ‘Loophole’ may get you a $7,500 tax credit for leasing an EV, auto analysts say
▼ + stars: | 2024-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesBuying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. Perhaps the best known of them — the "new clean vehicle" tax credit — is a $7,500 tax break for consumers who buy a new EV. But many auto dealers are also passing along a $7,500 tax break to lessees, via a different (and, experts say, lesser-known) mechanism called the "qualified commercial clean vehicles" tax credit. This EV tax credit "leasing loophole" has likely been a key driver of increased leasing uptake in 2024, Barclays auto analysts said in an equity research note published in June. The $7,500 tax credit enables dealers to charge low monthly payments for leases, thereby helping "stoke demand" for EVs, Barclays wrote.

Persons: Joe Biden, —, Dealers aren't, Ingrid Malmgren, Hyundai Kia, Brian Moody, Autotrader, Moody, Malmgren Organizations: Maskot, Barclays, U.S . Treasury Department, Plug, stoke, EVs, Foreign, Toyota, Hyundai, EV, Consumers Locations: U.S, Asian, North America

Newly produced electric vehicles are being seen at Tesla's Shanghai Gigafactory in Shanghai, China, on December 31, 2023. Costfoto | Nurphoto | Getty ImagesBEIJING — New tariffs on Chinese electric cars aren't enough to help foreign automakers stay competitive, especially in the lucrative China market, according to consulting firm AlixPartners. While collaborations are "rational" to attain market share, Dyer said it is difficult to stay in the China market long-term if foreign carmakers don't switch things up. Last month, an analyst from the Bank of America said U.S. automakers based in Detroit should exit China "as soon as they possibly can" because they were at the losing end against China EV giants. Electric cars are less complex than internal combustion engine-powered vehicles.

Persons: It's, haven't, Stephen Dyer, Dyer, Cooper, — Organizations: Shanghai, Nurphoto, Getty, China's EV, CNBC, Porsche, BMW, Cooper, Bank of America, China EV Locations: Shanghai, China, BEIJING, China's, Asia, Europe, U.S, Detroit

☆ UAW considering next steps on worries Trump could beat Biden, Reuters reports
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Fain and the UAW, which endorsed Biden in January, are important allies of Biden and are expected to play a critical role in helping Biden win in key swing states including Michigan, where the UAW is based. Fain, who announced the UAW's endorsement of Biden in January, has repeatedly rebuked Trump, the Republican former president. "Donald Trump stands against everything we stand for as a society," Fain said in his January endorsement of Biden. Fain also received a mention from Biden at this year's State of the Union address, which Fain attended. On Wednesday, actor George Clooney, a Democrat who has backed Biden, withdrew his support in an opinion piece in the New York Times.

Persons: Shawn Fain, Joe Biden's, Donald Trump, Fain, Biden, Trump, General Motors, Jonah Furman, George Clooney Organizations: United Auto Workers, UAW, Biden, U.S, Ford, General, Stellantis, Republican, Wednesday, AFL, NATO, Detroit, Democratic, Trump, Democrats, Democrat, New York Times Locations: Michigan, U.S, year's State

☆ As the E.V. Revolution Slows, Ferrari Enters the Race
▼ + stars: | 2024-07-06 | by ( Bernhard Warner | ) www.nytimes.com time to read: +1 min

Gliding on robotic haulers, a line of Ferrari frames maneuvers through a gleaming new factory in Northern Italy. At each station, engineers in cherry red uniforms add a component — an engine block, a dashboard, a steering wheel — as they transform the bodies into hybrid vehicles. The transition to electric vehicles, which was supposed to quickly usher in an era of climate-friendly transport, has instead been squeezed by costly investments and slowing global demand. Tesla reported declining second-quarter sales on Tuesday, and Ford Motor said in April that it would shift production to more hybrids as E.V. A growing trade war between China and the West also threatens to stifle growth.

Persons: Tesla Organizations: Mercedes, Benz, Lamborghini, Ford Motor Locations: Northern Italy, China

☆ China-built EVs hit with EU tariffs; Nio says it may have to raise prices in Europe
▼ + stars: | 2024-07-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

The EU's decision comes at a time when Chinese automakers have been aggressively expanding into Europe with competitively priced offerings, posing a threat to the region's top automakers, many of which have lagged behind in EVs. It did not comment on whether it would end up raising prices as a result of the levies. When the EU first announced the tariffs last month, Tesla said it will likely increase the Europe prices of its Model 3 vehicle. The EU has yet to say what specific level of tariffs Tesla will face, but noted last month that the U.S. automaker "may receive an individually calculated duty rate." watch nowChinese and EU officials have held several rounds of meetings to discuss the tariffs, with Beijing in June criticizing the EU's imposition of tariffs as a "protectionist act."

Persons: Nio, Xpeng, Tesla, Yadong Organizations: Union, European Commission, European Union, Automakers, EV, CNBC, EU, U.S ., Commerce Ministry Locations: China, Shanghai, Europe, EVs, Beijing

☆ EU tariffs on China EVs: 'Real hit' will be on state-owned carmakers, analyst says
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU tariffs on China EVs: 'Real hit' will be on state-owned carmakers, analyst saysJacob Gunter of the Mercator Institute for China Studies discusses the likely impact of provisional and "definitive" EU tariffs on China's electric vehicle industry.

Persons: Jacob Gunter Organizations: Mercator Institute for China Studies Locations: China

☆ Europe Tells China’s Carmakers: Get Ready to Pay Tariffs
▼ + stars: | 2024-07-04 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

The European Union took the next step on Thursday toward collecting new tariffs on Chinese electric cars, telling automakers to obtain guarantees from banks that they would be able to pay the taxes set to be made final in October. The bloc had said on June 12 that it would impose additional tariffs of 17 to 38 percent on electric vehicles imported from China. An investigation by the European Union had found what officials in Brussels describe as unfair subsidies by the Chinese government for electric car manufacturers. Beijing contends that low prices for electric cars made in China reflect vigorous competition and innovation instead. “We are continuing to engage intensively with China on a mutually acceptable solution,” said Valdis Dombrovskis, the E.U.

Persons: ”, Valdis Dombrovskis Organizations: European Union Locations: China, Brussels, Beijing

Search resuls for: "Carmakers"

25 mentions found