The European Union declares increased tariffs of up to 38% on Chinese electric vehicles.

• The European Union announced on Wednesday that it will increase tariffs on Chinese electric vehicles.
• The EU announced that it will impose a 38.1% tariff on BEV producers who did not cooperate with its investigation, and a lower 21% duty on carmakers in the Asian country who complied but have not been "sampled."

The European Union announced on Wednesday that it would impose higher tariffs on Chinese electric vehicle imports, as they receive "unfair subsidies" and pose a "threat to economic injury" to EV manufacturers in Europe.

The EU announced that it will impose a 38.1% tariff on BEV producers who did not cooperate with its investigation, and a lower 21% duty on carmakers in the Asian country who complied but have not been "sampled."

The three main Chinese BEV producers, BYD, Geely, and SAIC, were hit with tariffs by the EU. BYD was hit with a 17.4% tariff, Geely with a 20% duty, and SAIC with a 38.1% tariff. All three producers were included in the ongoing EU probe.

The EU Commission has determined that the battery electric vehicle industry in China receives unfair subsidies and has decided to impose provisional countervailing duties on BEV imports from China in the EU's best interest.

The Commission stated that the influx of subsidized Chinese imports at artificially low prices poses a threat of clearly foreseeable and imminent injury to EU industry.

Nio has stated that it will remain committed to the EV market despite the EU's announcement. The company opposes the use of increased tariffs as a way to hinder global trade of electric vehicles, stating that this approach is counterproductive to global environmental protection, emission reduction, and sustainable development.

This breaking news story is being updated.