Nvidia CEO: E.I. Will Be as Common as Cars Today

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

What to know about Europe's tariffs on Chinese electric vehicles

DAVID McHUGH and KEN MORITSUGU
October 30, 2024

FRANKFURT, Germany (AP) -- The European Union has finalized its sharply higher customs duties on electric vehicles imported from China. EVs are the latest flash point in a broader trade dispute over Chinese government subsidies and Beijing's burgeoning exports of green technology to the 27-nation bloc.

The duties took effect provisionally in July and were finalized after talks between the EU and China failed to resolve their differences. Negotiations are expected to continue, and the EU could lift the duties if an agreement is reached.

Here are some basic facts about the EU's customs duties:

What did the European Union do?

The European Commission, the EU's executive arm, conducted an eight-month investigation and concluded that companies making electric cars in China benefit from massive government help that enables them to undercut rivals in the EU on price, take a large market share and threaten European jobs.

The duties differ depending on the maker: 17% for BYD, 18.8% for Geely and 35.3% for state-owned SAIC. Other EV manufacturers in China, including Volkswagen and BMW, would be subject to a 20.7% duty. The commission has an individually calculated rate for Tesla of 7.8%.

"By adopting these proportionate and targeted measures after a rigorous investigation, we're standing up for fair market practices and for the European industrial base," European Commission Executive Vice-President Valdis Dombrovskis said.

The duties will stay in force for five years unless an amicable solution is found.

Why did the commission take action?

Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, the commission has said.

The commission says companies in China accomplished that with the help of subsidies all along the chain of production, from cheap land for factories from local governments to below-market supplies of lithium and batteries from state-owned enterprises to tax breaks and below-interest financing from state-controlled banks.

The rapid growth in market share has sparked fears that Chinese cars will eventually threaten the EU's ability to produce its own green technology needed to combat climate change, as well as the jobs of 2.5 million workers at risk in the auto industry and 10.3 million more people whose jobs depend indirectly on EV production.

Subsidized solar panels from China have wiped out European producers -- an experience that European governments don't want to see repeated with their auto industry.

Unusually, the commission acted on its own, without a complaint from the European auto industry. Industry leaders and Germany, home to BMW, Volkswagen and Mercedes-Benz, have opposed the tariffs. That's because many of the cars that will be hit with tariffs are made by European companies, and China could retaliate against the auto industry or in other areas.

How is China reacting?

Beijing has been sharply critical of the investigation and the higher duties as protectionist and unfair.

The Commerce Ministry has also launched anti-dumping investigations into European exports of brandy, pork and dairy products. Earlier this month, it announced provisional tariffs of 30.6% to 39% on French and other European brandies, after EU member countries voted in favor of finalizing the tariffs on EVs.

Officials have also said that they are weighing whether to raise tariffs on imports of gasoline-powered vehicles with large engines.

Talks between the two sides focused in recent weeks on so-called "price commitments" as a possible resolution. In such a scenario, carmakers would agree to a minimum selling price for their EVs in Europe.

Some Chinese automakers are looking at making cars in Europe to avoid any tariffs and be closer to the market. BYD is building a plant in Hungary, while Chery has a joint venture to build cars in Spain's Catalonia region.

How do the EU tariffs compare to ones announced by the U.S.?

The Biden administration is raising tariffs on Chinese EVs to 100% from the current 25%. At that level, the U.S. tariffs block virtually all Chinese EV imports.

That's not what Europe is trying to do.

EU officials want affordable electric cars from abroad to achieve their goals of cutting greenhouse gas emissions by 55% by 2030 -- but without the subsidies EU leaders see as unfair competition

The planned tariffs are aimed at leveling the playing field by approximating the size of the excess or unfair subsidies available to Chinese carmakers.

European countries subsidize electric cars, too. The question in trade disputes is whether subsidies are fair and available to all carmakers or distort the market in favor of one side.

What does this mean for European drivers and carmakers?

It's not clear what impact the duties will have on car prices. Chinese carmakers are able to make cars so cheaply that they could absorb the duties in the form of lower profits instead of raising prices.

Currently, Chinese carmakers often sell their vehicles overseas at much higher prices than in China, meaning they are favoring profits over market share, even given their recent market gains. Five of BYD's six models would still earn a profit in Europe even with a 30% tariff, according to Rhodium Group calculations.

BYD's Seal U Comfort model sells for the equivalent of 21,769 euros ($23,370) in China but 41,990 euros ($45,078) in Europe, according to Rhodium. The base model of BYD's compact Seagull, due to arrive in Europe next year, sells for around $10,000 in China.

While consumers might benefit from cheaper Chinese cars in the short term, allowing unfair practices could eventually mean less competition and higher prices in the long term, the commission argues.

___

Moritsugu reported from Beijing.

Continue Reading...

Popular

Wall Street Enters Its Strongest Month: These 7 Stocks Often Crush It

November is historically Wall Street's strongest month. These 7 stocks often delivered standout gains in recent decades.

Shaquille O'Neal's $180,000 Range Rover Stolen in Suspected Hacker Heist

The custom Range Rover belonging to Shaquille O'Neal has been stolen, reportedly due to a cyber attack.

Forget Amazon's 1997 IPO... This Could Be 287 Times Bigger - Ad

Since Amazon's IPO in 1997, it climbed enough to turn $100 into $250,000. Now, one man says Elon Musk could be gearing up to take his internet satellite giant public... in what Fortune magazine says will be the biggest IPO in history! James Altucher is sharing how ANYONE can get a pre-IPO stake... with as little as $100!

Donald Trump Jr.-Linked Drone Maker Unusual Machines Wins Major Pentagon Deal

Unusual Machines secures its largest Pentagon drone contract to date, with Trump Jr. serving as an adviser but not involved in the deal.

This Is an Urgent Warning for All American Investors... - Ad

The current economic chaos is just a preview. What's coming next could be way scarier. That's according to a strange investment secret - discovered just before the Great Depression and it's likely to catch most Americans by surprise. If you're retired or planning to retire, or have any kind of money in the stock market...

Trump Warns Supreme Court Tariff Ruling Could 'Literally Destroy' The US: 'We'll Be Struggling For Years'

President Donald Trump warned that the U.S. economy would face significant challenges if the Supreme Court rules against the majority of the tariffs imposed this year.

Denny's to be acquired and taken private in a deal valued at $620 million

Denny's said Monday that it's being acquired by a group on investors in a deal that will take the breakfast chain private.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Elon Musk's SpaceX Shakes Up Bitcoin Market With $133 Million Transfer

SpaceX, the space exploration company led by Elon Musk, has reportedly transferred over $133 million in Bitcoin (CRYPTO: BTC), causing a stir in the cryptocurrency market.

Trump's immigration crackdown weighs heavy on the US labor market

Maria worked cleaning schools in Florida for $13 an hour. Every two weeks, she’d get a $900 paycheck from her employer, a contractor. Not much — but enough to cover rent in the house that she and her 11-year-old son share with five families, plus electricity, a cellphone and groceries.

[Revealed] The $100 Starlink Pre-IPO Blueprint! - Ad

Fortune reports Starlink's rumored IPO is set to be the single largest IPO in history. James Altucher has uncovered a way to get a pre-IPO stake BEFORE Starlink goes public. All it takes is just a few minutes of time and as little as $100 to get started.

IonQ, D-Wave Quantum, Rigetti Computing Surge Over 11% Pre-Market: What's Going On?

Shares of IonQ Inc. (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), and D-Wave Quantum (NYSE: QBTS) surged in premarket trading on Thursday.

How To Earn $500 A Month From UnitedHealth Group Stock Ahead Of Q3 Earnings

UNH to release Q3 earnings before opening bell on Tuesday. Analysts predict $2.81/share, down from $7.15/share in 2019. Dividend yield at 2.44%.

Revealed Free: Our Top 3 Stocks to Own in 2025 and Beyond - Ad

This eerily accurate system is flashing green on a new set of stocks... It's identified three under-the-radar picks that could thrive in 2025 and beyond... And we're giving away their names and ticker symbols - FOR FREE. For the names of our three top stocks to own this year (no purchase necessary)...

L3Harris Lands $2.26 Billion South Korea Air Defense Contract

L3Harris won a $2.26B deal to deliver modified Bombardier Global 6500 AEW&C aircraft to the South Korean Air Force.

Meta Lures Gen Z Talent With Six-Figure Salaries Amid Shrinking Job Opportunities — Here's How Much It's Offering

Meta is reportedly offering hefty paychecks for entry-level software engineering roles, a move seen as a response to the challenging job market for recent graduates.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

Ford's enormous F-150 becomes unlikely part of Japan's efforts to woo Trump

TOKYO (AP) — Japan's most iconic truck might be the tiny white transport vehicles that farmers use to lug gear on the narrow roads that link their rice fields.

Loggins demands removal of Trump's AI-generated video using ‘Danger Zone’

NEW YORK (AP) — Kenny Loggins is objecting to the use of his music in a social media post showing an artificial intelligence-generated video of dumping excrement from a fighter jet on last weekend's .

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as January 29.

IonQ Shares Are Trading Lower Monday: What's Going On?

IonQ shares were trading higher Monday but have since reversed and began trading lower.

Court Blocks Trump's SNAP Reductions, But Stricter Eligibility Rules Begin

New work requirements for SNAP begin Saturday, but benefits may not be issued through November due to the government shutdown.

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

Ford Stock Is Racing Higher Tuesday: What's Driving The Action?

Ford shares are trading higher on Tuesday, moving in tandem with General Motors after the automaker raised its full-year earnings guidance.

[How To] Claim Your Pre-IPO Stake In SpaceX! - Ad

This is your first-ever chance to skip the line, and get exposure BEFORE Elon Musk's next IPO takes place. It couldn't be any easier... just $100 and a few minutes of time. All you need is the name and ticker symbol that James reveals for FREE, right inside this short video.

Billie Eilish Asks Zuckerbeg, Other Billionaires To Donate

Billie Eilish urges billionaires to share their wealth for good causes during award acceptance speech. Mark Zuckerberg in attendance.

Microsoft's quarterly sales and profit surge, beating Wall Street expectations

REDMOND, Wash. (AP) — Microsoft on Wednesday reported its quarterly sales grew 18% to $77.7 billion.

Nvidia CEO: E.I. Will Be as Common as Cars Today - Ad

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

CVS Health tops Q3 forecasts but absorbs hefty charge for struggling clinic business

CVS Health rode double-digit sales growth from drugstores and its pharmacy benefits management business to a better-than-expected third quarter.

EPAM Confident On Growth, Initiates $1 Billion Stock Buyback

EPAM Systems (EPAM) stock gained 4.41% after reporting strong third-quarter 2025 results, with sales of $1.394 billion.

Forget Amazon's 1997 IPO... This Could Be 287 Times Bigger - Ad

Since Amazon's IPO in 1997, it climbed enough to turn $100 into $250,000. Now, one man says Elon Musk could be gearing up to take his internet satellite giant public... in what Fortune magazine says will be the biggest IPO in history! James Altucher is sharing how ANYONE can get a pre-IPO stake... with as little as $100!

MP Materials, USA Rare Earth, Energy Fuels Shares Are Moving Lower: What's Going On?

Share of rare earth stocks are trading lower Monday amid potential U.S.-China negotiations that could delay export controls.

Why Did MediciNova Stock (MNOV) Jump Over 87% In After-Hours Trading?

MediciNova shares soared over 87% in after-hours trading on Thursday following the publication of promising research.

This Is an Urgent Warning for All American Investors... - Ad

The current economic chaos is just a preview. What's coming next could be way scarier. That's according to a strange investment secret - discovered just before the Great Depression and it's likely to catch most Americans by surprise. If you're retired or planning to retire, or have any kind of money in the stock market...

Chipotle Vs. Wingstop: Analyst Flags Income, Diversity Gaps

Wingstop's less affluent customer base may face short-term pressure; whereas Chipotle has pricing flexibility.

Trump May Finally Take Freddie And Fannie Public, Says Bill Pulte: No Limit To 'What They Could Be Worth' With $7 Trillion In Assets

President Donald Trump is evaluating plans to take mortgage giants Federal National Mortgage Association (OTC: FNMA), or Fannie Mae, and Federal Home Loan Mortgage Corp (OTC: FMCC), or Freddie Mac, according to Bill Pulte, the Director of the Federal Housing Finance Agency.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Typhoon Kalmaegi leaves 26 dead in Philippines, people trapped on roofs and cars submerged

MANILA, Philippines (AP) — Typhoon Kalmaegi has left at least 26 people dead in the Philippines, mostly in flooding set off by the storm, which barreled across the central part of the country on Tuesday, disaster response officials said. Floodwaters trapped scores of people on their roofs and submerged cars.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service