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Saturday, July 20, 2024

No punitive ‘toll’ on Chinese electric cars

Norway won’t be following the US and EU in imposing punitive customs duty on electric cars imported from China. Finance Minister Trygve Slagsvold Vedum of the Center Party said the Labour-Center government has neither plans nor desire to increase import tariffs on electric cars, which have long enjoyed tax incentives instead.

Vedum noted that Norway is not part of the EU’s tariff system and therefore not subject to imposing the extra fees that will amount to between 17- and 38 percent on top of existing tariffs. The US, meanwhile, has warned it will be imposing customs duty on Chinese electric cars that will double their price, as a response to Chinese subsidies that make the cars much cheaper than other models.

Vedum claimed Norway has no tradition of punitive tariffs, apart from those on agricultural products aimed at protecting Norwegian farmers. Even though Prime Minister Jonas Gahr Støre came out tougher against China in a recent address to Parliament, his government doesn’t fear Chinese electric cars flooding the market. Nor are they viewed as a security threat despite all their technical equipment.

Newspaper Dagens Næringsliv (DN) recently reported that Chinese cars accounted for fully 15 percent of all new car sales in Norway in May. China’s BYD models have been advertised at as low as NOK 299,900, less than USD 29,000 and cheap when compared to prices for most other cars in Norway. staff



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