European Union (EU) regulators are planning to reduce their proposed tariffs on Tesla (TSLA) electric vehicles built in and imported from China, among other Chinese EV makers like SAIC (600104.SS), Volvo parent company Geely (GELYF, 0175.HK), and BYD (BYD, 1211.HK). Tesla will face a 9% tariff on vehicles imported from China, significantly lower than the 20.8% tariff that had been proposed.

Tesla stock has ticked up in pre-market trading in response to this news.

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This post was written by Luke Carberry Mogan.