China’s SAIC Motor to challenge EU’s tariffs on EVs in court: SAIC Motor plans to file a lawsuit in the European Union's Court of Justice to contest the EU’s decision to raise tariffs on Chinese-made EVs to as high as 45.3%, Reuters reports. SAIC said that the European Commission miscalculated subsidy levels by disregarding crucial information and the arguments provided by the company against the move.

REMEMBER- China’s EVs are hit by tariffs right and left: China requested the World Trade Organization (WTO) to rule on Canada’s recent tariffs on Chinese EVs, steel, and aluminum last week. The move follows Canada’s imposition of a 100% tariff on Chinese EVs and a 25% tariff on steel and aluminum. The US has also recently confirmed 100% tariffs on Chinese EVs and excluded Chinese-made components from EV subsidies.

Orsted offloads minority stake in wind farms: Denmark's Orsted — the world’s biggest offshore wind farms developer — is selling a 12.45% minority stake in four of its UK offshore wind farms to Brookfield for USD 2.28 bn, Reuters reports. The transaction, involving operational projects Hornsea 1, Hornsea 2, Burbo Bank Extension, and Walney Extension, is part of Orsted's strategy to shift investments to new assets. The agreement is expected to close by the end of the year, with Orsted still retaining a 37.55% ownership in the wind farms.

Not Orsted’s first October sale: Norway’s Equinor acquired a USD 2.5 bn 9.8% stake in Orsted earlier this month.

Orsted has been struggling over the last year, having recorded USD bns of write-downs due to problems with offshore wind projects in the US. The equity purchase agreement triggered an 8% jump in Orsted shares then.

Tags: