EU imposing tariffs on Chinese EVs, affecting NIO and Li Auto stocks negatively.

From Yahoo Finance: 2024-06-12 08:23:14

Brussels to impose tariffs on Chinese EVs, affecting companies like BYD Co and SAIC, as well as Tesla, to counteract subsidies. These tariffs could reach 35%, generating over $2.15 billion annually for the EU budget. Chinese EV stocks NIO and Li Auto traded lower, but XPeng stock price remained stable.

China exported $10.76 billion worth of electric cars to the EU in 2023. The Kiel Institute predicts an additional 20% tariff could reduce imports by a quarter, cutting about 125,000 units. Germany alone exported 216,299 cars to China in 2023, a 15% drop from the previous year. Volvo recently shifted EV production to Belgium to avoid EU tariffs.

Mercedes-Benz CEO urged the EU to lower tariffs on Chinese EVs. China is Tesla’s 2nd largest market, accounting for 33% of global sales in 2023. NIO shares traded lower by 3.14% premarket. Benzinga Pro provides essential trading tools for investors seeking an edge. Start your 14-day trial now to supercharge your stock market game.



Read more at Yahoo Finance: What’s Going On With Chinese EV Stocks Nio, Li Auto, XPeng On Wednesday?