SoftBank Shares Surge as AI Optimism Lifts Asian Tech Stocks 
JPMorgan and Allen & Company Emerge as Big Winners in Warner Bros Discovery Bidding War 
Walmart to Cut PhonePe Stake in IPO as Tiger Global and Microsoft Exit 
OpenAI Launches Stargate Community Plan to Offset Energy Costs and Support Local Power Infrastructure 
South Korea Sees Limited Impact From New U.S. Tariffs on Advanced AI Chips 
Elon Musk Says Tesla Cybercab and Optimus Production Will Start Slowly Before Rapid Growth 
Micron to Buy Powerchip Fab for $1.8 Billion, Shares Surge Nearly 10% 
Memory Chip Shortage Drives Higher Gadget Prices and Weakens Global Tech Demand 
Rio Tinto Posts Strong Q4 Iron Ore and Copper Output on Operational Recovery 
Lynas Rare Earths Shares Surge as Quarterly Revenue Jumps on Strong Prices 
Trump Signs Executive Order to Limit Wall Street Investment in Single-Family Homes 
Morgan Stanley Flags High Volatility Ahead for Tesla Stock on Robotaxi and AI Updates 
Pop Mart Shares Surge in Hong Kong After First Buyback in Nearly Two Years 
Google Seeks Delay on Data-Sharing Order as It Appeals Landmark Antitrust Ruling 
Apple Stock Jumps as Company Prepares Major Siri AI Chatbot Upgrade 
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.
