Chinese EV stocks in Hong Kong rise as China and EU near solution on eliminating tariffs

From Investing.com: 2024-11-25 02:41:01

Chinese electric vehicle (EV) stocks in Hong Kong rose as China and the EU near a solution on eliminating tariffs. NIO Inc shares were up 4%, Geely Automobile up 1.7%. Li Auto, BAIC Motor Corp, and BYD Co saw increases as well. The EU had previously raised tariffs on Chinese EVs, sparking tensions with Beijing.

Progress has been made in discussions between the EU and China on tariffs for Chinese EV imports. The European Parliament’s trade committee chair indicated that an agreement is close, with China possibly committing to a minimum price for e-cars in the EU. Details of the agreement have not been disclosed yet.

Chinese President Xi Jinping and German Chancellor Olaf Scholz discussed the issue of tariffs on Chinese EVs at the G20 summit. Xi highlighted the global concern over these tariffs and expressed China’s commitment to resolving the issue through dialogue. The EU has reported technical progress in discussions with China, but specifics remain undisclosed.



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