Shares of Great Wall Motor (GWMOTOR), a leading Chinese electric vehicle manufacturer, plummeted by nearly 6% on Wednesday amid growing concerns over potential steep tariffs on Chinese EV imports to the European Union.

The sell-off in GWMOTOR stock comes as the EU is set to vote on Friday on whether to impose tariffs of up to 45% on Chinese EV imports. If approved, these punitive duties would significantly increase costs for Chinese EV makers like GWMOTOR, which rely heavily on exports to the European market.

The proposed tariffs have sparked widespread concerns across the Chinese EV industry, with rivals such as Xpeng, NIO, and Li Auto also experiencing sharp declines in their stock prices. Investors fear that the higher costs and potential disruption to their European business models could have a substantial impact on the companies' operations and profitability.