EU to cut proposed tariffs on Tesla, other EVs from China - report

Investing.com -- The European Union is preparing to slightly reduce the additional tariff rates proposed for electric vehicles that Tesla Inc. (NASDAQ:TSLA) and other carmakers import from China, Bloomberg reported on Tuesday citing people familiar with the matter. 

The report said that Tesla’s proposed tariff rate will be lowered to just under 8%, down from the originally planned 9%. The EU is adjusting the rates based on updated data submitted by the companies involved, the sources said.

EU member states are scheduled to vote on the final tariff proposal, which is set to take effect in November. The revised tariffs would be applied on top of the existing 10% duty that all Chinese exporters already face when shipping electric vehicles to Europe.

Earlier on Monday, Mlex reported that Tesla’s new tariff rate would be reduced to 7.8%. Additionally, for Chinese manufacturers that did not cooperate with the EU’s investigation, the maximum tariff will be set at 35.3%, down slightly from the previously planned 36.3%, the report added.

As discussions between the EU and stakeholders continue, these rates may undergo further revisions if additional relevant information becomes available.