BYD, NIO, XPeng, Li Auto, Other China EV Stocks Face Further Tariff Hit
Shares of some Chinese electric-vehicle makers were falling early Tuesday after Turkey imposed new tariffs on imports, raising concern that the European Union will follow suit as soon as this week.
The European Commission, the executive arm of the EU, is expected to make an announcement soon on whether it will lift taxes on Chinese-made EVs. Turkey said Saturday it will impose a 40% tariff. U.S. President Joe Biden increased import levies on Chinese EVs to 100% from 25% last month.
The…
Shares of some Chinese electric-vehicle makers were falling early Tuesday after Turkey imposed new tariffs on imports, raising concern that the European Union will follow suit as soon as this week.
The European Commission, the executive arm of the EU, is expected to make an announcement soon on whether it will lift taxes on Chinese-made EVs. Turkey said Saturday it will impose a 40% tariff. U.S. President Joe Biden increased import levies on Chinese EVs to 100% from 25% last month.
The worry for governments in the U.S. and Europe is that China’s EV exports will undercut other car makers in a way that undermines domestic development of EVs and distorts the market. China is the biggest market for EVs at the moment and some of its more successful brands are looking to expand abroad.
briefly overtook
as the biggest EV car maker last year.
American depositary receipts for
and
both fell about 0.5%. BYD’s U.S.-traded shares were up 0.2% and
added 1.5%, while
added 0.6%. Hong Kong’s benchmark
Hang Seng Index finished 1.7% lower on the day.
Write to Brian Swint at brian.swint@barrons.com
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