SAIC MG's Performance in Europe and Anti-Subsidy Investigation Update

TapTechNews August 24th news, the SAIC MG official account posted last night to announce that in the first 7 months of this year, the terminal delivery volume in European countries exceeded 150,000 units, with a contrarian growth of 10% year-on-year.

On August 20th, the European Commission released the pre-disclosure of the final ruling information of the anti-subsidy investigation, and calculated a maximum subsidy rate of 36.3% for SAIC Group. MG stated this time that free trade and fair competition are the keys to promoting global economic prosperity and sustainable development.

At the 2024 first extraordinary general meeting of shareholders, SAIC Group President Jia Jianxu once said, This year, SAIC's sales in Europe will not be lower than last year, and SAIC's own brand MG's HEV products will soon enter Europe; now the enthusiasm for HEV vehicles exceeds our imagination, and some orders can only be delivered in the first quarter of next year.

According to TapTechNews' previous report, the European Commission plans to make the final ruling by October 30 at the latest. In response to the European Commission's determination, SAIC Group said that it will, depending on the development of the situation, take further legal measures to actively safeguard its own rights and interests.

The pre-disclosure of the final ruling information of the European Commission's anti-subsidy investigation is as follows:

BYD: 17.0%;

Geely Automobile: 19.3%;

SAIC Group: 36.3%;

Other partner companies: 21.3%;

All other non-partner companies: 36.3%;

In addition, the EU also decided to implement a separate tariff rate for Tesla as a Chinese exporter, which is currently set at 9%.