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Tesla nasdaq Tsla Hikes Model 3 Prices in Europe Due to Tariffs on China made Evs

Tesla (NASDAQ: TSLA) Hikes Model 3 Prices in Europe Due to Tariffs on China-made EVs

BERLIN – Tesla (NASDAQ: TSLA) has raised prices of its Model 3 cars in European countries including Germany, the Netherlands, and Spain by about 1,500 euros ($1,622) after the EU imposed tariffs on EVs made in China, the US automaker said on Wednesday.

Tesla, which makes the Model 3 in Shanghai and is the top exporter of EVs from China, had warned in June it might lift prices due to the tariffs imposed on July 4 by the European Commission to counter what it described as a potential flood of unfairly subsidized EVs. Beijing rejects this characterization.

The tariffs, which are provisional and will be applied until the Commission decides whether to apply final duties by November, are up to 37.6% depending on the carmaker.

Tesla was classed as cooperating with the European Union’s investigation into the matter and so was given a 20.8% tariff but requested a recalculation of its rate, according to the Commission.

BMW has also asked Brussels to cut the tariff for its China-made electric Mini, currently subject to the highest duty, to 20.8%.

($1 = 0.9243 euros)

(Source: Reuters)