European taxes on Chinese EVs come into effect

Since July 4, 2024, Chinese cars sold in Europe have been taxed up to 48% as a precautionary measure. This decision by Brussels aims to curb Chinese imports, which surged from 50,000 units in 2020 to 437,000 in 2023. The European Commission now has four months to determine permanent tariffs, providing a window for dialogue with China. These final duties, subject to approval by the 27 EU member countries, would be valid for five years. Specific surcharges include 17.4% for BYD, 19.9% for Geely (Volvo, Lynk & Co, Polestar, Zeekr), and 37.6% for SAIC (MG Motor, Maxus). Other manufacturers face additional duties of 21% if they cooperated with the investigation or 37.6% if they did not.