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European Union Will Investigate Chinese Subsidies of Electric Cars European Union Will Investigate Chinese Subsidies of Electric Cars
(about 2 hours later)
The European Union will begin an investigation into Chinese subsidies of electric vehicles, the bloc’s top official announced Wednesday, in a move that highlights Europe’s growing industrial and geopolitical competition with China.The European Union will begin an investigation into Chinese subsidies of electric vehicles, the bloc’s top official announced Wednesday, in a move that highlights Europe’s growing industrial and geopolitical competition with China.
The inquiry could lead to trade restrictions, such as import tariffs on Chinese vehicles.The inquiry could lead to trade restrictions, such as import tariffs on Chinese vehicles.
Chinese automakers have gained a dominant position in the global electric vehicle industry and see Europe as a key potential market. Automakers in Europe, who are racing to expand their battery-powered lineups, have expressed concern that they face unfair competition against models from China that can be sold at a lower price, thanks to subsidies from the government in Beijing.Chinese automakers have gained a dominant position in the global electric vehicle industry and see Europe as a key potential market. Automakers in Europe, who are racing to expand their battery-powered lineups, have expressed concern that they face unfair competition against models from China that can be sold at a lower price, thanks to subsidies from the government in Beijing.
“Europe is open for competition, not for a race to the bottom,” said Ursula von der Leyen, the president of the European Commission, speaking in Strasbourg, France. “We must defend ourselves against unfair practices.”“Europe is open for competition, not for a race to the bottom,” said Ursula von der Leyen, the president of the European Commission, speaking in Strasbourg, France. “We must defend ourselves against unfair practices.”
She announced the initiative during her annual state of the European Union address, which sets the tone for the year ahead.She announced the initiative during her annual state of the European Union address, which sets the tone for the year ahead.
The European Union sees the electric vehicle sector as “a crucial industry for the clean economy, with huge potential for Europe,” Ms. von der Leyen said. “But global markets are now flooded with cheaper Chinese electric cars. And their price is kept artificially low by huge state subsidies.”
The remarks were met with “strong concern and opposition” by the China Chamber of Commerce to the European Union, which urged the bloc to view China’s electric vehicle industry “with objectivity rather than resorting to unilateral economic and trade measures.”