The EU slaps additional tariffs on Chinese EV imports

News Snapshot:

The European Union will place an additional tariff on vehicles imported from China starting next month, the commission announced on Wednesday. The extra tariffs go as high as 38 percent, adding to the existing 10 percent duty the EU imposes on foreign vehicles. The move comes after a monthslong investigation concluded that Chinese EV makers benefit from unfair state-backed subsidization, allowing them to sell their vehicles for cheaper than rivals. China-made EVs accounted for around 37 percent of all EV imports in the EU, according to a recent study from independent research provider Rhodium Group. The European Commission says it’s...