The European Union is expected to trim tariff rates on Chinese EV imports

The European Union will slightly lower proposed final tariffs on Tesla (NASDAQ:TSLA) and other automakers import from China to the continent after taking in new information submitted by the companies, according to several media reports.

Sources indicate that Tesla (TSLA) will see its tariff rate drop to 7.8% from 9%. Geely Automobile (OTCPK:GELYY) (OTCPK:GELYF) is expected to see a reduction to 18.8% from 19.3%. The tariff rate for BYD Companies (OTCPK:BYDDF) will remain at 17%. Some Chinese automakers that have not cooperated with the EU probe will pay tariffs as high as 35.3%.

The European Union decided to apply tariffs on Chinese imports based on what it said were growing evidence-based concerns about the recent and rapid rise in low-priced exports of electric vehicles coming from China to the EU. The Commission noted that it is following strict legal procedures in line with EU and WTO rules, allowing all parties concerned, including the Chinese government and companies/exporters, to present their comments, evidence and arguments.