Stellantis (STLA) shares f🅺ell Friday after the automaker🧸 announced it would be moving some electric vehicle (EV) production out of China to Europe following threats by European regulators of big tariffs on Chinese-made EV imports.

Reports from the company’s Investor Day said 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Carlos Tavares explained that Stellantis has changed its EV production plans with Chinese joint-venture partner Leapmotor. Tavares explained that it adjusted its assembly sites based on higher duties.

On Wednesday, the European Commission, the regulatory arm of the 澳洲幸运5官方开奖结果体彩网:European Union (EU), warned that new tariffs on Chinese-made EVs would begin July 4 unless talks with Beijing resolved concerns that China’s EV subsidies gave its manufacturers an advantage over EU carmakers. The Commission noted that the dut🀅ies could be as much as 38.1%. 

Stellantis to Have 'Asset-Light' China Strategy

Tavares added that Stellantis would have an “asset-light" strategy to keep on the offensive and protect it from China's EV push. He argued that his company’s China strategy is more robust than its competitors'.

Shares of Stellantis dropped 5% as of 11:07 a.m. ET Friday to $20.02, their lowest level this year.