EU slashes planned tariff on Tesla's China-made EVs to 9%
Adds Commission comment on Tesla and background from paragraph 5
BRUSSELS, Aug 20 (Reuters) -The European Commission cut on Tuesday its proposed tariff on imports of Tesla TSLA.O cars built in China, as it broadly maintained other planned punitive duties it set in July on Chinese-made electric vehicles.
In the highest profile European Union probe of alleged Chinese subsidies, the Commission issued draft definitive findings of its anti-subsidy investigation, which has provoked threats of retaliation from Beijing.
It set a new reduced rate of 9% for Tesla, lower than the 20.8% it had indicated in July.
Tesla had requested a recalculation of its rate to be based on the specific subsidies the company had received, according to the Commission.
The EU executive said on Tuesday it still believed Chinese EV production had benefited from extensive subsidies and proposed final duties of up to 36.3%. That is slightly lower than the maximum provisional duty of 37.6% the Commission had set in July for companies that did not cooperate with the EU's anti-subsidy investigation.
Tesla was among the companies classed as cooperating with the EU investigation.
The Commission said it conducted an investigation, including sending a team to Tesla facilities in China, to verify what subsidies the firm had received.
A Commission official said Brussels had concluded that Tesla receives less subsidies from China, compared to the Chinese EV producers Brussels had investigated.
EXPLAINER-What happens next in the EU investigation into Chinese nL8N3II18A
Reporting by Philip Blenkinsop, Kate Abnett, Sudip Kar-Gupta, Benoit Van Overstraeten; editing by Emelia Sithole-Matarise
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
