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European Union Will Investigate Chinese Subsidies of Electric Cars | European Union Will Investigate Chinese Subsidies of Electric Cars |
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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. |