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China's Nio says commitment to Europe EV market 'unwavering' despite tariff increase
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China's Nio says commitment to Europe EV market 'unwavering' despite tariff increase
Jun 12, 2024 4:58 AM

BEIJING, June 12 (Reuters) - Chinese electric vehicle

maker Nio strongly opposes the European Union's use of

increased tariffs as a strategy to obstruct the normal global

electric vehicle trade but its commitment to Europe's EV market

is unwavering, it said on Wednesday.

Nio "will continue to serve our users and explore new

opportunities within Europe despite protectionism", it said in a

statement.

The EU has decided to apply additional duties of up to 38.1%

on imported Chinese electric vehicles from July.

Nio, which is among what the EU identifies as cooperating

companies that would be subject to a 21% additional duty rate,

said it will closely monitor the situation and make decisions

that align with the best interests of its business.

"As the ongoing investigation has yet to reach a conclusion,

we remain hopeful for a solution," it said.

"The EU's provisional tariffs come basically within our

expectations, which won't have much of an impact on the majority

of Chinese firms," said Cui Dongshu, secretary general of the

China Passenger Car Association.

Those exporting China-made EVs including Tesla,

Geely and BYD still have huge potential

for development in Europe in the future, he said.

Brussels said it would set tariffs of 17.4% for BYD and 20%

for Geely, on top of the existing EU tariff of 10%.

Western producers such as Tesla and BMW that

export cars from China to Europe were deemed cooperating

companies.

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