China-based automotive manufacturers saw their European Union electric vehicle market share slump to their lowest since March after the addition of tariffs for cars imported to the region, Bloomberg News reported Monday.
BYD (HKG:1211, SHE:002594) and SAIC Motor's (SHA:600104) MG saw car registrations fall to 7.4% of the total in November from 8.2% in October, the report said, citing automotive research company Dataforce.
The European Union added more tariffs on top of the standard 10% duty by the end of October after a probe by the bloc found that China's government aided the country's electric vehicle sector and gave them an unfair advantage.
China's top new-energy vehicle makers include Li Auto (HKG:2015), XPeng (HKG:9868) and NIO (HKG:9866, SGX:NIO).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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