China’s SAIC Motor Downplays EU Tariff Concerns
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China’s SAIC Motor Corp. Ltd. (600104.SH) has downplayed concerns about the impact of the European Union’s new anti-subsidy duties on its electric vehicle (EV) sales in the bloc, highlighting its diverse product lines as a means to weather the trade protectionism.
During an extraordinary general meeting held earlier this week, SAIC President Jia Jianxu talked up the carmaker’s array of hybrid electric models, plug-in hybrid cars and traditional fuel vehicles, which he said will enable the company to offset the losses caused by the EU’s extra tariffs, according to a transcript of the meeting.
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- SAIC Motor Corp. has downplayed the impact of EU's new 37.6% anti-subsidy duties on its EV sales, citing its diverse product lines including hybrids and traditional vehicles.
- SAIC President Jia Jianxu announced plans to roll out MG-branded hybrids in Europe and predicted stable sales by leveraging the hybrids' fuel efficiency.
- SAIC is accelerating efforts to establish a manufacturing plant in Europe and may announce progress soon, while continuing to challenge the EU's duty imposition legally.
- SAIC Motor Corp. Ltd.
- SAIC Motor Corp. Ltd. is a Chinese automaker facing new EU anti-subsidy duties on its EVs. SAIC President Jia Jianxu emphasized the company's diverse product lines, including hybrids, to offset tariff impacts. Despite a 37.6% levy, SAIC plans to boost European hybrid sales and may localize manufacturing in Europe. The company disputes the EU's subsidy probe methods and reserves the right for legal action.
- October 2023：
- The European Commission launched a probe into whether excessive state subsidies have helped Chinese EV-makers undercut their EU rivals.
- Last month：
- The European Commission heard SAIC’s argument against its decision to levy provisional anti-subsidy duties on Chinese-made EVs.
- February 2024：
- SAIC unveiled the MG3 hybrid, which it said can meet a tougher emissions standard the EU will adopt in 2025.
- July 4, 2024：
- The European Commission began provisionally imposing duties on battery-electric vehicles (BEVs) shipped from China after an investigation.
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