BMW has announced that its joint venture in China, responsible for producing electric Mini vehicles, has been classified as a “cooperating company” in the European Union’s latest draft tariff document.
This classification qualifies the joint venture for a reduced duty rate of 21.3% on China-made electric vehicles.
In a statement, BMW remarked, “It is logical that Spotlight Automotive Ltd., our joint venture with Great Wall Motors in China for the production of fully electric MINI cars, was included in the list of cooperating companies.”
The Mini had initially been subjected to the highest tariff rate of 37.6%, as it was not part of Brussels’ sample analysis during the lead-up to the tariff announcement. However, the recent inclusion of Spotlight Automotive Ltd. in the cooperating companies list has resulted in a significantly lower tariff.
SOURCE:Reuters.com
