BYD not fazed by new EU tariffs on Chinese EV imports
BYD doesn’t seem fazed by the European Union’s new tariffs on Chinese electric vehicle (EV) imports. Analysts have calculated that the Chinese automaker’s profits from EVs sold in Europe still far exceed those of local EU automakers.
The European Commission announced new tariffs on Chinese EV imports based on its ongoing anti-subsidy probe. The Commission placed tariffs as high as 38% on select EVs made in China and imported into Europe. The new Chinese EV import duties will be implemented on the current 10% tariffs.
Three Chinese automakers received individual duty rates because they cooperated with the European Commission’s investigation. BYD received the least additional tariffs at 17.4%. In total, BYD’s tariffs will be almost 30%.
According to Rhodium Group, the nearly 30% duty on BYD will not affect the company’s EU profits. To illustrate its point, the Group looked into BYD’s profits with the BYD Seal U in Europe versus China. The Chinese automaker makes a profit of $15,400 for every BYD Seal U sold in Europe. In comparison, BYD makes $1,400 on each Seal U unit sold in China. The significant profit BYD makes on each Seal U vehicle is what Chinese EV makers call the EU premium.
“Our analysis of several other models sold in China and Germany indicates that even after a 30% duty, many Chinese EV models would still enjoy a strong EU profit premium,” Rhodium Group concluded.
Despite Rhodium’s conclusion, China has not reacted well to the EU’s (European Union) new EV import taxes. China warned that the EU’s increased tariffs on Chinese EV imports would “harm Europe’s interests.”
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The post BYD not fazed by new EU tariffs on Chinese EV imports appeared first on TESLARATI.
Source: https://www.teslarati.com/byd-eu-tariffs-chinese-ev-imports/
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