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Economy

China slashes auto import tariffs in boost to BMW, Tesla

Updated : May 22, 2018 05:34 PM IST

Import tariffs will be cut to 15% from 25% for most vehicles from July 1, the Ministry of Finance said on Tuesday, adding that this was part of efforts to open up China's markets and spur development of the local auto sector
Import tariffs for auto parts would be cut to 6% from mostly around 10%.
The move will be a major boost to overseas carmakers, especially helping premium brands such as Germany's BMW, electric car maker Tesla Inc and Daimler AG's Mercedes-Benz close a price gap on local rivals.
China slashes auto import tariffs in boost to BMW, Tesla
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