"The intention was to protect the European car industry but for us, it's having the opposite effect .... We need to find a solution," Cupra's CEO said.
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Category: EU Tariffs
BYD, Geely, and SAIC all face slightly lower tariff rates than previously, while Tesla's 9 percent is well below the 20.8 percent indicated last month.
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The USTR expects its final ruling to be issued in August, and the new tariffs, which had been planned to take effect on August 1, will go into effect about two weeks after the publication of the final determination.
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SAIC said in the hearing that the European Commission's anti-subsidy investigation involves commercially sensitive information and that there were errors in the determination of subsidies.
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SAIC says it will raise further defenses due to unreasonable and erroneous aspects of the European Commission's anti-subsidy investigation.
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Such an inspection could lead to Tesla receiving a lower duty than the average of 21 percent, as only individually verified producers receive their own duty, Politico said.
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Nio said it maintains the pricing of its current models in European markets at this stage. Xpeng said it is actively assessing the feasibility of establishing local manufacturing capabilities in Europe.
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The EU's provisional tariffs will apply from July 5 for a maximum period of four months. Within this timeframe, a final decision on the definitive tariffs must be made through a vote by EU member states.
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Well, that's better than nothing.
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BYD received the lightest penalty in Europe's new set of auto tariffs, to the relief of investors, but the sector is already looking to Southeast Asia as a growth driver.
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