Chinese auto stocks like BYD and Geely rise despite EU tariffs on EVs, hinting at positive sentiment

From Yahoo Finance: 2024-06-13 01:28:00

Chinese auto shares surged despite the EU imposing new tariffs on their EV exports. BYD was up over 7% and Geely 3%. Nio and Chinese auto industry body downplayed the impact. China urges EU to reconsider, hinting at a stern response. Brussels applied duties of up to 38.1%, angering Beijing. Western automakers also criticize the move, fearing retaliation from China. BMW and Volkswagen express concerns about negative effects on sales. Tariffs will also affect cars made in China by western brands like BMW, Renault, and Tesla.



Read more at Yahoo Finance: China auto stocks shrug off Europe’s EV tariffs