EU lowers China’s electric vehicle anti subsidy tax

According to the latest investigation decision released by the European Commission, the anti subsidy tax rate for pure electric vehicles in China has been adjusted. But these proposed adjustments may still change before the final decision is announced on October 30, 2024. Compared with the temporary decision released on July 4th, the European HR760T/660Y-MP steel Commission has slightly reduced the countervailing duty rate as follows: BYD's countervailing duty has been reduced from 17.4% to 17%; Geely has decreased from 19.9% to 19.3%; The anti subsidy tax for SAIC Group and other non cooperative companies has been reduced from 37.6% to 36.3%. At the same time, the draft also stipulates that the tax rate for cooperative enterprises will be increased from 20.8% to 21.3%.

Due to the fact that automotive steel is one of the downstream demands for steel and with the decline in real estate, new energy vehicles HR760T/660Y-MP steel have gradually become a new growth point for the Chinese economy. Currently, China's new energy vehicle exports are mainly concentrated in Europe and Asia. According to the data, China will export 640000 pure electric vehicles to Europe in 2023, accounting for 41.27%; The export amount was 132.5 billion yuan, accounting for 55.13%. Therefore, if the EU implements anti-dumping measures against Chinese cars, it will have an impact on Chinese car exports, directly increasing the cost of Chinese electric vehicles in the European market and reducing their HR760T/660Y-MP steel price competitiveness.