Chinese EV stocks surge after EU slaps up to 38% additional...

Chinese EV stocks surge after EU slaps up to 38% additional import tariffs

Shares of Chinese EV makers mostly surged on Thursday after the EU slapped higher tariffs of up to 38% on Chinese EVs a day earlier.“The move is modest compared with the stiff 100% tariffs on Chinese EV imports into the U.S., hiked from 25% last month,” said Vincent Sun, equity analyst at Morningstar, in a Wednesday note.

Shares of Chinese electric vehicle makers mostly surged on Thursday after the European Union announced higher tariffs of up to 38% on Chinese EVs a day earlier.Chinese EV-maker BYD, which was the top gainer on the Hang Seng Index, jumped 8% during morning trade but pared some gains to trade at about 6% in the afternoon. Geely was up about 4% initially, while counterparts Nio and Li Auto saw their shares climb about 1.5%. State-backed SAIC was down 1.5% in later afternoon trade.Citi analysts said the EU’s additional tariffs were “generally benign,” while one analyst from Morningstar pointed out that the additional duties were “modest” in comparison to U.S. hikes on Chinese EVs last month.