EU tariffs on Chinese EVs were revised, lowering Tesla's tariff to 9% and setting BYD, Geely, and SAIC tariffs at 17%, 19.3%, and 36.3%; a five-year final decision is expected by the end of October.
Tesla (NASDAQ:TSLA) is now expected to face a significantly lower than feared import tariff in the European Union, after it moves its China-built electric vehicles.
Elon Musk’s EV firm will pay a 9% tariff on the imports, rather than the 20.8% rate previously expected.
It is part of a broader move by the EU into what it describes as unfair subsidies provided by the Chinese government, to China’s domestic electric vehicle manufacturers.
Tesla has factories in China that would be subject to these European tariffs.
The European Commission meanwhile confirmed it revised tariffs will impact Chinese automakers – such as BYD, Geely, and SAIC - more heavily, with those tariffs set at 17%, 19.3%, and 36.3% respectively.
Despite fears at Tesla and other EV makers, a detailed review and substantiated requests from the manufacturers, the European Commission decided to lower the tariffs.
A final decision, to set tariffs for five years, is expected to be published at the end of October.
In New York, Tesla stock was down $1.66 or 0.74% on Tuesday, at $221.05.
