BYD Seagull small electric car. Investment bank UBS said it wasn’t in a position to predict the outcome of the EU investigation, but wanted to point out what it called a few relevant facts.
2) EVs still enjoy purchase tax exemption in China compared to the 10% levied on gasoline cars, but this is for domestic sales only. 4) Tesla Shanghai accounted for about 40% of China’s EV exports in the first half of 2023, of which the majority goes to Europe. “In our view, it is hard to be categorical that the net effect of these policies is to subsidize a U.S. firm that would then have a pronounced impact on the EU market,” UBS said in a research note.
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