EU Reveals Draft Decision on Levying Final Countervailing Duty on Chinese Imported Pure Electric Vehicles

TapTechNews August 20th news, according to CCTV News, the European Union officially disclosed the draft decision to levy the final countervailing duty on pure electric vehicles imported from China today, and the final ruling will be made before November 4th in the follow-up.

Compared with the tax rate initially formulated by the European Commission, the draft of the European Commission makes a slight adjustment to the proposed tax rate and does not levy the countervailing duty retroactively. TapTechNews summarizes as follows:

BYD: 17.0%;

Geely Automobile: 19.3%;

SAIC Motor: 36.3%;

Other cooperative companies: 21.3%;

All other non-cooperative companies: 36.3%;

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

The final measures must be implemented within 4 months after the temporary tariff is levied. The implementing regulation of the commission including the final result of the investigation will be published in the Official Gazette no later than October 30, 2024 (at the longest within 13 months after the start of the investigation).

The European Union initially announced that it would levy 17.4%, 20% and 38.1% on BYD, Geely Automobile and SAIC respectively; the average of other Chinese auto companies that cooperated with the EU investigation but were not sampled was 21%; auto companies that did not cooperate with the investigation would be levied 38.1%. From this point of view, the latest draft of the European Union has slightly reduced the tax rate levied on auto companies other than 'other cooperative companies'.