EU Hits China With Probe Into EV Subsidy as Industry Fears Grow

📆 9/13/2023 11:18 AM
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(Bloomberg) -- The European Union is launching an investigation into Chinese subsidies for electric vehicles as the bloc frets over the ability of its industry to compete. Most Read from BloombergLuxury Cruise Ship Full of Australians Stuck in Greenland ArcticiPhone Pro’s Titanium Finish Stands Out in First Look at DeviceApple’s iPhone 15 Debut Includes Higher Price on Top ModelAT&T, T-Mobile Offer Free iPhone 15 in Lure for New SubscribersBP CEO Looney Quits Over Past Relationships With Colleag

European Commission President Ursula von der Leyen announced the probe Wednesday, saying that the global market is flooded with cheap Chinese cars.

EV leader BYD Co extended losses to as much as 2% in Hong Kong. Meanwhile, XPeng Inc. also fell as much as 2.8% and Li Auto Inc. is also down, trading at intraday lows of as much as 0.5%. The EU this year conducted a temporary review of its state aid rules to counter massive subsidies provided by the US and China, especially in green technologies. The bloc is particularly concerned about China’s economic practices, calling on Beijing to open up its market to rebalance the bilateral trade relations and putting in place new instruments to address China’s coercive practices targeting countries including Lithuania.

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