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BYD, Geely, SAIC Contest EU's High EV Tariffs In Court

Author: Anusuya Lahiri | January 24, 2025 02:21pm

Three Chinese electric vehicle makers contested the EU’s import duties at the union’s Court of Justice.

According to Reuters, BYD Co (OTC:BYDDF) (OTC:BYDDY), Geely Automobile Holdings (OTC:GELYF) (OTC:GELYY), and SAIC Motor (Shanghai Automotive Industry Corporation) oppose EU-imposed taxes. BYD has a 17% tariff, Greely 18.8%, and SAIC, 35.3% (in addition to its car import duty of 10%).

After an anti-subsidy investigation, the EU imposed a tax on China-made EVs in October.

Also Read: Amazon To Shut 7 Quebec Fulfillment Centers, Axe Around 2,000 Jobs

China-based EV makers flagged the exclusion of leading EV exporter Tesla Inc’s (NASDAQ:TSLA) from the additional tariffs.

Tesla bagged the lowest extra tariff of 7.8%.

U.S.-listed Chinese EV stocks Li Auto Inc (NASDAQ:LI), Nio Inc (NYSE:NIO), and Xpeng Inc (NYSE:XPEV) surged Friday after President Donald Trump hinted in an interview that he would instead not use tariffs against China.

Also this week, Trump repealed former President Joe Biden‘s order ensuring that 50% of new vehicles sold in the U.S. by 2030 are electric. Trump also weighed ending the $7,500 federal tax credit available on EV purchases.

China's car market, particularly the EV sector, has faced fierce competition over the past two years, sparking a price war. Projections suggest China will lead global EV adoption by 2025, with EV sales expected to outpace traditional cars for the first time. The country will likely sell over 12 million EVs in 2025, doubling 2022 figures, while traditional car sales may fall below 11 million. Reports also reveal plans for China to issue 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to boost consumption through subsidies, equipment upgrades, and investments in the EV sector.

Investors can gain exposure to stocks of companies that are domiciled in China through iShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).

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Image: Shutterstock

Posted In: BYDDF BYDDY FXI GELYF GELYY KWEB LI NIO TSLA XPEV

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