Jameson Lopp Downplays AI Threat to Bitcoin Cryptography 
Apple Supplier Luxshare Faces US Patent Probe, Sees Limited Impact 
Orsted to Take Full Ownership of UK Offshore Wind Farm for £15 Million 
PepsiCo Slashes Poppi Earnout Valuation as Growth Slows 
US Suspends Microsoft, Adobe From Green Card Program 
Nvidia’s China AI Chip Market Share Falls to 34% as Huawei Gains Ground 
Samsung, SK Hynix Shares Fall as China's CXMT Advances DRAM Technology 
Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken 
Morgan Stanley Predicts $10 Trillion RWA Market by 2030 
Oracle Uses Trucked Natural Gas to Power AI Data Centers Amid Pipeline Delays 
Nasdaq Faces Pullback to 26,225 Despite Bullish Outlook, UBS Says 
Apple Supplier Luxshare Sees Limited Impact From US Patent Probe 
Zcash Plans Quantum-Resistant Security Upgrade for January 
Robinhood Chain Eyes Priority Gas Auctions for Faster Trades 
Moonshot AI Executives Seek Settlement Ahead of Hong Kong IPO 
Coinbase CEO Backs SEC Accredited Investor Reform 
Add as a preferred source on Google
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.
