Europe’s electric car tariffs sting China but won’t halt BYD’s advance
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Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world.
Shares of Tesla popped higher after Elon Musk said shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric car maker's incorporation to Texas.
Tesla on Thursday said it will likely increase the Europe prices of its Model 3 vehicle from July 1 after the European Union said it could impose provisional higher tariffs on electric cars imported from China.
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The European Union on Wednesday said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit "heavily from unfair subsidies" and pose a "threat of economic injury" to EV producers in Europe.
Tesla could be hit with a specially calculated duty on its cars produced in China and imported to Europe as part of of the European Union's decision to raise tariffs on Chinese electric vehicles.
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Elon Musk, the CEO of Tesla and SpaceX, threatened to ban Apple devices from his companies on Monday after the iPhone maker announced a partnership with OpenAI.