Tesla Inc. and brands controlled by Zhejiang Geely Holding Group Co. will likely be the first beneficiaries of Canada’s move to slash import tariffs on made-in-China electric vehicles.
In a deal announced late last week, Canada agreed to allow 49,000 EVs from China annually at a tariff rate of 6.1%, removing a 100% duty, in exchange for a concession on canola. While the agreement is aimed at enticing long-term investment from Chinese automakers, at least initially the companies that stand to benefit will be manufacturers that already have North American certification.
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