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China EV Tariffs Confirmed

CREDIT MACRO
  • On top of existing 10% rate, new tariffs come into effect from July 4th.
  • Affected Chinese exporters additional rates: BYD 17.4%, Geely 20%, and SAIC 38.1%.
  • Other cooperating producers face an additional 21% including Western OEMs producing in China. Non-cooperating producers have 38.1%.
  • China has hinted at tariffs increases from 15% to 25% on its EV imports in retaliation.
  • Likely to slow the pace of EV transition with lower sales in Europe and tougher export conditions for German OEMs slowing their EV investment.
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