China slashes auto import tariffs in boost to BMW, Tesla
BMW
China will steeply cut import tariffs for automobiles and car parts, opening up greater access to the world's largest auto market
Chinawill steeply cutimporttariffsforautomobiles and car parts, opening up greater access to the world's largestautomarket amid an easing of trade tensions with the United States.
Importtariffswill be cut to 15 percent from 25 percent for most vehicles from July 1, the Ministry of Finance said on Tuesday, adding that this was part of efforts to open upChina's markets and spur development of the localautosector. A small number ofimported trucks are taxed at 20 percent currently.
Importtariffsforautoparts would be cut to 6 percent from mostly around 10 percent, the ministry said in a statement.
The move will be a majorboostto overseas carmakers, especially helping premium brands such as Germany'sBMW, electric car makerTeslaInc and Daimler AG's Mercedes-Benz close a price gap on local rivals.
"Benefits are huge for our business, especially Infiniti," said a Yokohama-based executive at Nissan Motor Co Ltd referring to the Japanese firm's premium car brand.
Another executive at the firm's Chinese joint venture said it was "great news" but that the biggest beneficiaries would likely be German luxury carmakers, which also include Volkswagen AG's Porsche and Audi brands.
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"That's just because of the volume ofimported cars they sell," the person said, asking not to be named.
Nissan did no respond to a request for comment.
Toyota Motor Corp said it would adjust retail prices forimported cars that benefited from the lowertariffsto provide Chinese consumers with "competitive" products.
BMWsaid it would look at its prices and said the move was a "strong signal thatChinawill continue to open up", while Audi said it welcomed the "further liberalisation and opening" of the Chinese market.
A Shanghai-based spokesman for Ford Motor said the U.S. carmaker welcomed the new tariff policies, but declined to comment further.
China's high tariff on vehicles - versus a 2.5 percent U.S. levy - has been a key focus of USPresident Donald Trump's administration amid a simmering trade standoff between Washington and Beijing.
Trump has said the 25 percent tariff amounted to "stupid trade", whileautoindustry leaders such asTesla's Elon Musk have said that Chinese restrictions on foreignautomakers created a skewed playing field.
Chinaand the United States, however, made a breakthrough in trade talks after negotiations in Washington last week, stepping back from the brink of a global trade war and agreeing to hold further talks toboostUSexports toChina.