The European Union is launching an investigation into subsidies that China gives to electrical car makers
ByThe Related Press
September 13, 2023, 4:36 AM
European Fee President Ursula von der Leyen delivers her annual speech on the state of the European Union and its plans and methods trying forward, on the European Parliament, Wednesday, Sept. 13, 2023 in Strasbourg, japanese France. (AP Picture/Jean-Francois Badias)
The Related Press
BRUSSELS — The European Union is launching an investigation into subsidies that China gives to electrical car makers, the pinnacle of the bloc’s govt department mentioned Wednesday, as concern grows that the help is harming European firms.
“International markets are actually flooded with cheaper Chinese language electrical vehicles, and their worth is stored artificially low by large state subsidies. That is distorting our market,” European Fee President Ursula von der Leyen instructed EU lawmakers in Strasbourg, France.
“As we don’t settle for this distortion from the within in our market, we don’t settle for this from the surface,” von der Leyen mentioned. “So, I can announce immediately that the fee is launching an anti-subsidy investigation into electrical autos coming from China.”
China’s leaders have helped make the nation the largest marketplace for electrical autos by investing billions of {dollars} in subsidies to get an early lead in what’s seen as a promising business.
International automakers face rising competitors of their residence areas from Chinese language manufacturers which might be taking market share.
Electrical car makers together with BYD Auto and Geely Group’s Zeekr unit started gross sales this yr in Japan and Europe. Geely additionally owns Sweden’s Volvo Vehicles and its all-electric luxurious model, Polestar.
“Europe is open to competitors however not for a race to the underside. We should defend ourselves towards unfair practices,” von der Leyen mentioned. She didn’t present particulars in regards to the investigation.
