SAIC Motor (SHA:600104) and Geely Automobile (HKG:0175) denied media reports saying they held talks with the European Commission over additional tariffs, Yicai Global reported Friday.
SAIC said the reports are unfounded, while Geely said it is in talks with the EC through the bloc's official body, adding it is not communicating directly with the commission, the report said.
The automakers issued the denials after the Chinese Commerce Ministry said the China Chamber of Commerce for Import and Export of Machinery and Electronic Products is the only body sanctioned by the state to negotiate with the European Union regarding tariffs, Yicai Global reported.
The EU's planned additional tariffs range from 7.8% to 35.3% on top of the standard 10% duty, the report said.
(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.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.