Shares of Chinese electric vehicle manufacturers, including Great Wall Motor (GWMOTOR), plunged on Wednesday as the European Union prepares to vote on imposing steep tariffs on imported EVs from China.
The EU is considering levying duties of up to 45% on Chinese EV imports, a move that would significantly increase costs and potentially disrupt the business models of companies like GWMOTOR which rely heavily on exports to Europe.
The proposed tariffs have sparked concerns across the Chinese EV industry, with GWMOTOR stock tumbling nearly 6% amid a broader selloff. Rivals including Xpeng, NIO, and Li Auto saw even sharper declines, reflecting the potential impact on their European sales if the punitive duties are implemented.
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