XPENG INC. By Denny Jacob
American depositary receipts of Chinese automakers XPeng, NIO and Li Auto declined following confirmation that the European Union plans to impose additional tariffs on electric cars made in China.
Xpeng led the pack as ADRs declined 8.6% to $7.61. NIO retreated 6% to $4.58, while Li Auto ticked down 2.9% to $20.13.
New import fees will begin Friday and last at least four months, the EU Commission said. The EU Commission last month said the Chinese government unfairly subsidizes EV companies -- including European carmakers who import EVs to Europe -- at a level that undercuts competition. Subsidies let carmakers in China sell EVs for less than European-made vehicles, prompting the tariffs to protect the industry.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
07-05-24 1132ET
