EU to Levy Tariffs on Chinese Electric Vehicles, NIO's Response

TapTechNews June 12th news, the European Commission released a statement today, intending to levy a provisional anti-subsidy tariff on electric vehicles imported from China starting from July 4th.

Regarding the European Commission's move to levy tariffs on Chinese electric cars, NIO told the Shanghai Securities Journal that NIO strongly opposes using such a method of increasing tariffs to prevent the normal trade of global electric vehicles, which is an impediment rather than a promotion for global environmental protection, emission reduction and sustainable development.

TapTechNews found out through inquiries that NIO officially announced its overseas expansion to Europe in May 2021, and chose Norway as its first stop and began to provide products and services to the local market.

By August 2022, NIO held the NIO Berlin European launch conference in the capital Berlin of Germany, announcing to provide services in the markets of Germany, the Netherlands, Denmark, and Sweden, and began to fully enter the European market.

At the 2024 Q1 earnings call, Li Bin also disclosed some information about overseas businesses. He said that the preliminary results of the European Union's anti-subsidy investigation on Chinese electric vehicles may be announced next week, and we believe that increasing tariffs is a very wrong direction.

Li Bin emphasized that NIO's sales in Europe account for a relatively low proportion in the overall sales, and in the short term, it has little impact on NIO's business. In the long term, NIO will formulate a reasonable strategy according to the adjustment of tariff policies. In addition, later this year, NIO will also begin to provide products and services in the UAE market.