SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
EU Signals Major Shift on 2035 Combustion Engine Ban Amid Auto Industry Pressure 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
SK Hynix Labeled “Investment Warning Stock” After Extraordinary 200% Share Surge 
Trump Criticizes EU’s €120 Million Fine on Elon Musk’s X Platform 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
Tesla and BYD are emerging as major winners in the global EV race following the EU’s decision to drastically reduce tariffs on Chinese imports, a strategic shift that could redefine market dynamics.
EU Slashes Tariffs on Chinese EV Imports
The European Union has reduced its planned tariff rates on electric vehicle imports, which is good news for Chinese-made EVs. The revised EU tariffs will have a positive impact on several automakers, including Tesla and BYD. Take a peek at these updated rates, Electrek reports.
Imported electric vehicles manufactured in China will now be subject to higher tariffs, according to the European Commission.
The European Union reduced tariffs on electric vehicle imports from China to 9% to 36.3% as part of its continuing anti-subsidy probe. From June's suggested 38.1%, that's a decrease from the original 17.4%.
Tesla’s Tariff Cut is the Largest
The tariff rate cut for Tesla was the largest, going from 20.8% to a mere 9%. The existing tariff on automobile imports is 10%; this is on top of that. After receiving subsidies, Tesl asked for a new pricing.
There was a small decrease from 17.4% to 17% at BYD, the top electric vehicle manufacturer in China. The highest rate at 36.3% fell from 38.1% for SAIC, while the lowest rate for Geely, owner of Volvo and Polestar, was 20% down to 19.3%. A tariff rate of 21.3%, up from 21% in June, will be applied to all other participating enterprises.
Failure to assist with the investigation will result in automakers being subjected to the highest possible rate of 36.3%.
EU to Announce Final Tariffs in October
As part of their continuing inquiry, the EU indicated that the new prices could alter. An announcement will be made in the EU Official Journal as soon as a final decision is reached.
The participating automakers have 10 days to offer comments after requesting hearings. Following that, the Commission will inform the Member States of its findings, and the latter will decide whether or not to implement them. No later than October 30, 2024, will the Commission's conclusions be made public.
