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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