Tesla, BMW drive into EU tariff battle
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 28 January 2025
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, January 28th. It's good to have you here. I'm Julie Morgan. |
| 0:15.0 | Tesla and BMW versus EU tariffs. Norway leads the way in EVs and Smithfield prices its IPO. |
| 0:25.0 | Tesla and German automaker BMW have joined Chinese electric vehicle makers, |
| 0:30.2 | BYD, Gilly Automobile, and SAIC Motor in challenging the European Union's tariffs on China-made EVs. |
| 0:38.7 | Tesla's Shanghai unit and BMW filed cases against the European Commission at the EU's |
| 0:44.8 | general court, the block's second highest court. No other details were disclosed on the court's |
| 0:50.3 | website. The EU last year imposed tariffs of up to 45% on EVs made in China, after an |
| 0:57.3 | anti-subsidy investigation found that Beijing subsidies were harming European automakers. |
| 1:04.1 | Tesla's cars made in China are subject to a 7.8% tariff, while a 20.7% tariff applies to BMW's China-made EVs. |
| 1:14.7 | A spokesperson told the Wall Street Journal that BMW opposes the tariffs as they harm the |
| 1:20.4 | business model of globally active companies, limit the supply of e-cars to European customers, |
| 1:26.7 | and can even slow down decarbonization in the transport sector. |
| 1:31.5 | They added that the company still prefers to negotiate an agreement. |
| 1:36.0 | The European Commission spokesperson said that they take note of these cases and look forward to defending themselves in court. |
| 1:43.3 | They also added that the EU is open to negotiating a solution that addresses unfair competition. |
| 1:50.5 | And while we're on the topic of EVVs, Norway is on track to be the first country to phase out the sale of new gasoline and diesel cars. |
| 1:59.3 | The Scandinavian nation has a goal of ensuring all new vehicles |
| 2:03.1 | are zero emission by 2025. Fully electric vehicles accounted for 96% of all new cars sold in Norway |
| 2:11.9 | in the first few weeks of 2025, according to the Norwegian Public Roads Administration. |
| 2:20.4 | Last year, nine out of ten new cars sold were fully electric, with Tesla's Model Y and Model 3 being the most popular choices. Norway's |
| 2:27.3 | EV transition has been a success largely due to substantial tax breaks. The government has also |
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