BYD Is Under Investigation for Violating the EU’s EV Subsidy Rules
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China’s top automaker, BYD, is under investigation by the European Union for violating the EU’s electric vehicle (EV) subsidy rules.
According to the Financial Times, BYD received unfair subsidies from China which were used in its electric car plant in Hungary. Subsidies from the Chinese government are the main reason the EU Commission decided to implement additional tariffs on exported electric vehicles made in China and sold in Europe. The subsidies from China reportedly enabled car manufacturers to make China-made EVs cheaper in the EU market, affecting Europe’s local OEMs and competition in the domestic market.
The European Commission is in the early stages of a foreign subsidy probe into BYD’s EV plant in Hungary. If the Commission finds evidence that China provided subsidies to BYD’s EV plant in Hungary, it may force the Chinese automaker to sell some assets, reduce capacity, repay the subsidy, and pay a fine for non-compliance.
Tesla showrooms in Las Vegas have security in the form of the LVMPD
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In October 2024, enough member states of the European Union voted to impose additional tariffs on China-made electric vehicles.
“Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs. This represents another step towards the conclusion of the Commission’s anti-subsidy investigation,” announced the Commission after the EU member states’ vote.
The European Union imposed a 17.0% levy on BYD specifically, on top of the EU’s standard car import duty of 10%. Geely received an additional duty of 18.8%, while SAIC received a tariff rate of 35.3%. Most automakers who build cars in China and export to Europe will have a duty of 35.3%. Only a few automakers, like Tesla and BYD, have an assigned duty rate.
Tesla invited the EU Commission to inspect its operations in Shanghai to determine a separate tariff rate for its China-made EVs exported to Europe. Tesla received a duty of 7.8% after the investigation.
The post BYD is under investigation for violating the EU’s EV subsidy rules appeared first on TESLARATI.
Source: https://www.teslarati.com/byd-investigation-eu-ev-subsidy-rules/
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