Hyperdrive
Europe Readies Tariffs on Flood of Cheap Chinese EVs
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Help is on the way for European carmakers struggling to deal with an influx of cheap Chinese electric vehicles. The European Union voted on Oct. 4 to impose tariffs as high as 45% on EVs imported from China after an investigation into subsidies that Beijing doles out to its car industry.
The duties are expected to hurt companies including BYD Co., SAIC Motor Corp. and Geely, but also risk affecting Western manufacturers that ship cars made at their Chinese factories to Europe — for example Tesla Inc.