Hong Kong’s Hang Seng index surged 1.23% at the open, powered mostly by gains in EV stocks.
Shares of Chinese electric vehicle makers mostly surged on Thursday morning after the European Union announced higher tariffs of up to 38% on Chinese EVs a day earlier.
Hong Kong’s Hang Seng index surged 1.23% at the open, mostly powered by gains in EV stocks.
EV company BYD, who was the top gainer on the HSI, jumped 8% during morning trade. Geely was up about 4%, while counterparts Nio and Li Auto saw their shares climb by 1.75% and 2.67% respectively. State-backed SAIC was down more than 2%.
One analyst pointed out that the EU tariffs were « modest » in comparison to the U.S. duties on Chinese EVs.
On Wednesday, the EU said it would impose extra tariffs on Chinese EV players with a large footprint in Europe. BYD will be subject to additional tariffs of 17.4%, Geely will get an extra 20% duty. SAIC will have to pay additional duties of 38.1% – the highest among the three. This is on top of the standard 10% duty already imposed on imported EVs.
