Shares of Geely Auto soared 6.77% on Monday morning, following a broader rally in Chinese electric vehicle (EV) makers after the European Union's decision to impose tariffs on China-made EVs is not expected to trigger immediate price changes.
The EU's plans to impose tariffs on Chinese EVs, which won the backing of a sufficient number of member states on Friday, leave the door open to negotiations, according to a senior French diplomat. This has provided some relief to Chinese EV manufacturers as they can keep their prices unchanged in key European markets like France and Italy until the end of this year.
Notably, the French unit of SAIC's MG Motor said on Friday that the EU decision would not affect prices of its EVs in France this year, regardless of the outcome of the vote. Meanwhile, Chinese EV giant BYD is also expected to maintain its prices in Italy until the end of 2024, according to a source.
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