The blowback against China’s support of its electric vehicle (EV) industry continued as the European Union (EU) on Wednesday threatened to slap big new t𓃲ariffs on Chinese EV imports.

The European Commission announced that following an investigation that began last October, it has "provisionally concluded that the battery electric vehicles (BEV) value chain in China benefits from unfair subsidisation, which is causing a threat of economic injury to EU BEV producers.”

The Commission noted that the three EV makers sampled—BYD, Geely, and SAIC—woul🧸d face duties of 17.4%, 20.0%, and 38.1%, respectively. Others that cooperated with the probe but weren’t sampled would be hit with a 21.0% tax, while the ones that didn’t cooperate face a 38.1% penalty.

The regulator🐟s explained that they have re📖ached out to Chinese officials to discuss their concerns and try to reach a settlement. If that doesn’t happen, the tariffs would be introduced starting July 4. 

The Commission added that "following a substantiated request," Tesla (TSLA), which produc⭕es EVs in China, “may receive an individually calculated duty rate at the definitive stage.” 

Decision Comes After U.S. H💦iked Tariffs on Chinese EVs

The European decision came about a month after President Joe Biden 澳洲🔴幸运5官方开奖结果体彩网:boosted tariffs on Chinese EV imports to 100% from 25%, saying the move was aimed at protecting American workers “from China’s unfair trade practices.”

澳洲幸运5官方开奖结果体彩网:A🐼merican depositary receipts (ADRs) of Chinese EV makers Nio (NIO) and Li Auto (LI) dropped 2.1% and 1.6%, respectively, as of 10 a.m. ET Wednesday, while shares of Tesla were 1.7% higher.