China Economy: News & Discussion
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SexyChineseLady
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Huawei Technology and Quality is not just the electronics 
rockdog
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Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
www.businessinsider.com
Will Chinese electric vehicles (EVs) win globally?
www.ubs.com
Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
BYD's Seal rivals Tesla's Model 3 in many ways, UBS analysts found, including a cheaper price tag.
www.businessinsider.com
Will Chinese electric vehicles (EVs) win globally?
Will Chinese electric vehicles (EVs) win globally?
UBS Research analysts recently tore down BYD Seal, the latest-gen model from China’s number one carmaker.
Last edited:
SexyChineseLady
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Chinese kunlun glass! So hard that you can use your $1000 Mate Pro 60 as a hammer with no problem!
MiG-29SMT
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BRUSSELS (Reuters) -The European Commission started an investigation on Wednesday to into whether to impose tariffs to protect the European Union against Chinese electric vehicle (EV) imports benefiting from state subsidies.Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
BYD's Seal rivals Tesla's Model 3 in many ways, UBS analysts found, including a cheaper price tag.
Will Chinese electric vehicles (EVs) win globally?
Will Chinese electric vehicles (EVs) win globally?
UBS Research analysts recently tore down BYD Seal, the latest-gen model from China’s number one carmaker.
View attachment 222246
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies," European Commission President Ursula von der Leyen said in her annual address to the bloc's parliament.
European carmakers have realised they have a fight on their hands to produce lower-cost electric vehicles and erase China's lead in developing cheaper, more consumer-friendly models.
Chinese EV makers are stepping up efforts to expand overseas markets as competition intensifies at home and domestic growth eased. China's auto exports surged 31% in August following a 63% jump in July, according to the China Passenger Car Association (CPCA).
Of new EVs sold in Europe this year, 8% were made by Chinese brands, up from 6% last year and 4% in 2021, according to autos consultancy Inovev.
Shares of Chinese EV producers fell after the EU announcement. BYD shares were trading 4.5% higher before the news, to then close down 2.8%. Nio fell 1% and Xpeng dropped 2.5%.
In April, the founder of Nio said that Chinese electric vehicle makers should brace for the possibility of protectionist policies against them by foreign governments as they seize on their cost advantages to expand exports.
He estimated his company and other Chinese EV makers had a cost advantage of around 20% over rivals such as Tesla thanks to China's grip over the supply chain and raw materials.
Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives.
"So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. Europe is open to competition. Not for a race to the bottom," she told the European Parliament.
(Foo Yun Chee and Philip Blenkinsop and Yun Chee; additional reporting by Kim Miyoung and Anne Marie Roantree, editing by Gabriela Baczynska and Louise Heavens)
EU to investigate 'flood' of Chinese electric cars, weigh tariffs
BRUSSELS (Reuters) -The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies. The Commission will have up to 13...
MiG-29SMT
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LONDON (Reuters) -The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union automakers against Chinese electric vehicle (EV) imports it says are benefiting from excessive state subsidies.
EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies.
"So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. Europe is open to competition. Not for a race to the bottom."
FRENCH EUROPE MINISTER LAURENCE BOONE
"We won't let our market be flooded by over-subsidised EVs that threaten our companies just as it had happened with solar panels."
FRENCH FINANCE MINISTER BRUNO LE MAIRE
"Let me welcome the probe launched by EU Commission President Von der Leyen into subsidies from which Chinese companies are benefiting. If those subsidies do not conform to the rules of international trade, Europe needs to be able to have a response, to stay competitive and defend its economic interest."
UK TRADE MINISTER KEMI BADENOCH
"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. At the moment, what we need to make sure is that our auto industry survives and thrives."
ITALY'S TRANSPORT MINISTER MATTEO SALVINI
"The League (party) has been denouncing this risk for years, Europe is waking up only now: were they distracted, incompetent or complicit?"
GERMANY'S VDA AUTOMOTIVE INDUSTRY ASSOCIATION
"The VDA is committed to free, fair and rule-based trade, both for exports and imports from third countries ... Damage must be causally quantifiable and the community interest must be taken into account. Possible backlash from China must also be taken into account.
"One thing is clear: an anti-subsidy investigation alone will not help to solve the existing challenges with regard to the competitiveness of the European landscape. Policymakers in Brussels and Berlin must create the framework conditions to ensure that the transformation succeeds."
SIGRID DE VRIES, DIRECTOR GENERAL OF THE ACEA EUROPEAN AUTOMOBILE MANUFACTURERS ASSOCIATION
"We will now study the details, and stand ready to participate in the enquiry as an interested party.
"China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.
"Von der Leyen's announcement is a positive signal that the European Commission is recognising the increasingly asymmetric situation our industry is faced with, and is giving urgent consideration to distorted competition in our sector."
AIWAYS VICE PRESIDENT OVERSEAS OPERATIONS ALEXANDER KLOSE
"Aiways is in a special position here. Since we are currently concentrating exclusively on markets outside China, we do not participate in the consumer subsidies in the Chinese market - from which, incidentally, all manufacturers in China benefit, including Volkswagen, BMW and Tesla."
"We are also curious about how possible reviews would affect non-Chinese manufacturers that produce vehicles for the global market within China."
"Additionally, we are surprised that affordable NEVs are constantly demanded to make the switch to electric mobility attractive and now suddenly there are complaints that vehicles are too cheap. We would also strongly welcome NEVs becoming cheaper overall so that Europe remains a strong manufacturer and the automotive industry does not go the way of the mobile phone industry."
ROCKY MOUNTAIN INSTITUTE SENIOR PRINCIPAL, KINGSMILL BOND
"The Chinese government just stopped the subsidies and contrary to popular perception of what that meant, prices fell. The reason why stuff is cheaper in China is because they're the workshop of the world and because they've had a proper policy for 20 years.
"They've been trying to build this industry for a very long time. It did, of course, require subsidies to get off the ground and it required joined-up thinking from government and a lot of subsidies at the beginning."
CITI ANALYSTS:
"Whilst the probe will likely take a long time, and the result and policy impacts are unclear, it seems obvious this will raise awareness of potential policy risk for China OEM exporters to Europe, who in turn may be more careful in their volume and pricing strategies, which could reduce pressure on European OEMs."
EQUITI CAPITAL CHIEF MACRO ECONOMIST, STUART COLE
"The EU is concerned about the ability of its own EV industry to compete on the global stage (it is also up against the US IRA legislation too) and this move is therefore a way of trying to put things on a more even keel with at least one of the major producers of EVs."
AJ BELL HEAD OF FINANCIAL ANALYSIS, DANNI HEWSON
"Keeping the playing field level will be vital if this sector is to thrive in Europe and with relations between China and the West increasingly strained, no one would be surprised to find those successful Chinese EV makers hit by tariffs to keep the price of their cars on a par with those rolling off production lines in the EU.
"The battle for next generation of technology, whether it be EVs, AI chips or renewables, is taking place in a cut-throat arena."
www.yahoo.com
EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies.
"So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. Europe is open to competition. Not for a race to the bottom."
FRENCH EUROPE MINISTER LAURENCE BOONE
"We won't let our market be flooded by over-subsidised EVs that threaten our companies just as it had happened with solar panels."
FRENCH FINANCE MINISTER BRUNO LE MAIRE
"Let me welcome the probe launched by EU Commission President Von der Leyen into subsidies from which Chinese companies are benefiting. If those subsidies do not conform to the rules of international trade, Europe needs to be able to have a response, to stay competitive and defend its economic interest."
UK TRADE MINISTER KEMI BADENOCH
"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. At the moment, what we need to make sure is that our auto industry survives and thrives."
ITALY'S TRANSPORT MINISTER MATTEO SALVINI
"The League (party) has been denouncing this risk for years, Europe is waking up only now: were they distracted, incompetent or complicit?"
GERMANY'S VDA AUTOMOTIVE INDUSTRY ASSOCIATION
"The VDA is committed to free, fair and rule-based trade, both for exports and imports from third countries ... Damage must be causally quantifiable and the community interest must be taken into account. Possible backlash from China must also be taken into account.
"One thing is clear: an anti-subsidy investigation alone will not help to solve the existing challenges with regard to the competitiveness of the European landscape. Policymakers in Brussels and Berlin must create the framework conditions to ensure that the transformation succeeds."
SIGRID DE VRIES, DIRECTOR GENERAL OF THE ACEA EUROPEAN AUTOMOBILE MANUFACTURERS ASSOCIATION
"We will now study the details, and stand ready to participate in the enquiry as an interested party.
"China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.
"Von der Leyen's announcement is a positive signal that the European Commission is recognising the increasingly asymmetric situation our industry is faced with, and is giving urgent consideration to distorted competition in our sector."
AIWAYS VICE PRESIDENT OVERSEAS OPERATIONS ALEXANDER KLOSE
"Aiways is in a special position here. Since we are currently concentrating exclusively on markets outside China, we do not participate in the consumer subsidies in the Chinese market - from which, incidentally, all manufacturers in China benefit, including Volkswagen, BMW and Tesla."
"We are also curious about how possible reviews would affect non-Chinese manufacturers that produce vehicles for the global market within China."
"Additionally, we are surprised that affordable NEVs are constantly demanded to make the switch to electric mobility attractive and now suddenly there are complaints that vehicles are too cheap. We would also strongly welcome NEVs becoming cheaper overall so that Europe remains a strong manufacturer and the automotive industry does not go the way of the mobile phone industry."
ROCKY MOUNTAIN INSTITUTE SENIOR PRINCIPAL, KINGSMILL BOND
"The Chinese government just stopped the subsidies and contrary to popular perception of what that meant, prices fell. The reason why stuff is cheaper in China is because they're the workshop of the world and because they've had a proper policy for 20 years.
"They've been trying to build this industry for a very long time. It did, of course, require subsidies to get off the ground and it required joined-up thinking from government and a lot of subsidies at the beginning."
CITI ANALYSTS:
"Whilst the probe will likely take a long time, and the result and policy impacts are unclear, it seems obvious this will raise awareness of potential policy risk for China OEM exporters to Europe, who in turn may be more careful in their volume and pricing strategies, which could reduce pressure on European OEMs."
EQUITI CAPITAL CHIEF MACRO ECONOMIST, STUART COLE
"The EU is concerned about the ability of its own EV industry to compete on the global stage (it is also up against the US IRA legislation too) and this move is therefore a way of trying to put things on a more even keel with at least one of the major producers of EVs."
AJ BELL HEAD OF FINANCIAL ANALYSIS, DANNI HEWSON
"Keeping the playing field level will be vital if this sector is to thrive in Europe and with relations between China and the West increasingly strained, no one would be surprised to find those successful Chinese EV makers hit by tariffs to keep the price of their cars on a par with those rolling off production lines in the EU.
"The battle for next generation of technology, whether it be EVs, AI chips or renewables, is taking place in a cut-throat arena."
Reactions to EU probe of Chinese electric cars imports
LONDON (Reuters) -The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union automakers against Chinese electric vehicle (EV) imports it says are benefiting from excessive state subsidies. Europe is open to competition.
rockdog
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'Project Mausam' – India's answer to China's 'Maritime Silk Road'
Project Mausam - GKToday
Project Mausam is an initiative by the Indian Ministry of Culture and the Archaeological Survey of India that aims to renew engagement between India and 39 countries alon
www.gktoday.in
Remember this ambitious project? 10 yrs already, India is getting more trading profitble to China...
For most of time, forget what India is planning, focus on what it can really make...
srevster
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project mausam will have the same trade routes as the Chola empire perhaps?'Project Mausam' – India's answer to China's 'Maritime Silk Road'
Project Mausam - GKToday
Project Mausam is an initiative by the Indian Ministry of Culture and the Archaeological Survey of India that aims to renew engagement between India and 39 countries alon
Remember this ambitious project? 10 yrs already, India is getting more trading profitble to China...
For most of time, forget what India is planning, focus on what it can really make...
india did this 2000+ years ago.
MiG-29SMT
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UPDATE 5-EU to investigate 'flood' of Chinese electric cars, weigh tariffs
Philip Blenkinsop
Updated Wed, September 13, 2023 at 11:16 PM GMT+9·5 min read
0
*
EU opens anti-subsidy probe into Chinese EVs
*
Investigation to last up to 13 months
*
Chinese share of European EV market up to 8% this year
(Adds Chinese Chamber of Commerce to EU, nature of EU investigation)
By Philip Blenkinsop
BRUSSELS, Sept 13 (Reuters) - The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies.
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies," European Commission President Ursula von der Leyen said in her annual address to the bloc's parliament, seen by many in Brussels as a pitch for her re-appointment for a second term.
The Commission will have up to 13 months to assess whether to impose tariffs above the standard 10% EU rate for cars in its highest profile case against China since an EU probe into Chinese solar panels narrowly avoided a trade war a decade ago.
The anti-subsidy investigation covers battery-powered cars from China, so also includes non-Chinese brands made there, such as Tesla, Renault and BMW. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint.
The Chinese Chamber of Commerce to the EU said it was very concerned and opposed to the investigation's launch and that the sector's competitive advantage was not due to subsidies. It urged the EU to look at Chinese electric vehicles objectively.
Tensions between China and the EU have been growing, partly due to Beijing's closer ties with Moscow after Russia's invasion of Ukraine. The EU is seeking to reduce its reliance on the world's second-largest economy, particularly for materials and products needed for its green transition.
European carmakers have realised they have a fight on their hands to produce lower-cost electric vehicles and erase China's lead in developing cheaper models.
Chinese EV makers, from market-leader BYD to smaller rivals Xpeng and Nio, are stepping up efforts to expand overseas as competition intensifies at home and domestic growth eases. China's auto exports surged 31% in August, China Passenger Car Association (CPCA) data showed.
The European Commission said China's share of EVs sold in Europe has risen to 8% and could reach 15% in 2025, noting prices are typically 20% below EU-made models. Popular Chinese models exported to Europe include SAIC's MG and Geely's Volvo.
Shares of Chinese EV producers fell after the EU announcement. BYD shares, which were trading 4.5% higher before the news, closed down 2.8%, while Nio fell 1% and Xpeng dropped 2.5%.
Shares in Europe's carmakers - Volkswagen, BMW and Mercedes Benz and Stellantis - got a brief, early boost on the news before erasing much of the gains. VW was up 0.2%, while Stellantis was down 0.2% at 1415 GMT.
GRINDING GEARS
The influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. Renault announced in July that it aimed to slash production costs for its electric models by 40%.
Like other EV makers, it also faces increased pressure from U.S. rival Tesla, which has cut prices several times this year even as that has eaten into its margins.
But Germany's VDA auto association said the EU must take into account a possible backlash from China and focus on creating the conditions for European players to succeed - from lowering electricity prices to reducing bureaucratic hurdles.
Germany's car industry relies on China for a large proportion of its sales revenue and has long advocated keeping trade doors open.
Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives.
"Europe is open to competition. Not for a race to the bottom," she said, noting the EU did not want to repeat the experience of its solar panel industry, which was decimated by cheaper Chinese imports.
"This is the start of a long journey," said analyst Simone Tagliapietra of think tank Bruegel. "It could ultimately work, but this must go in parallel with an active industrial policy to make sure EU industry quickly develops its competitiveness."
Chinese state subsidies for electric and hybrid vehicles were $57 billion from 2016-2022, according to consulting firm AlixPartners, helping China become the world's biggest EV producer and to pass Japan as the largest auto exporter in the first quarter of this year.
China terminated a generous 11-year subsidy scheme for EV purchases in 2022 but some local authorities have continued to offer aid or tax rebates to attract investments, as well as subsidies for consumers.
The EU investigation is looking at a broad range of possible unfair subsidies, from prices for raw materials and batteries, to preferential lending or cheap provision of land.
The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.
He estimated his company and Chinese peers had a cost advantage of as much as 20% over rivals such as Tesla thanks to China's grip over the supply chain and raw materials.
Kingsmill Bond, senior principal in the strategy team at the Rocky Mountain Institute, said Chinese producers in 2022 benefited from EV battery prices of $130 per kilowatt hour against a global price of $151.
www.yahoo.com
Philip Blenkinsop
Updated Wed, September 13, 2023 at 11:16 PM GMT+9·5 min read
0
*
EU opens anti-subsidy probe into Chinese EVs
*
Investigation to last up to 13 months
*
Chinese share of European EV market up to 8% this year
(Adds Chinese Chamber of Commerce to EU, nature of EU investigation)
By Philip Blenkinsop
BRUSSELS, Sept 13 (Reuters) - The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies.
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies," European Commission President Ursula von der Leyen said in her annual address to the bloc's parliament, seen by many in Brussels as a pitch for her re-appointment for a second term.
The Commission will have up to 13 months to assess whether to impose tariffs above the standard 10% EU rate for cars in its highest profile case against China since an EU probe into Chinese solar panels narrowly avoided a trade war a decade ago.
The anti-subsidy investigation covers battery-powered cars from China, so also includes non-Chinese brands made there, such as Tesla, Renault and BMW. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint.
The Chinese Chamber of Commerce to the EU said it was very concerned and opposed to the investigation's launch and that the sector's competitive advantage was not due to subsidies. It urged the EU to look at Chinese electric vehicles objectively.
Tensions between China and the EU have been growing, partly due to Beijing's closer ties with Moscow after Russia's invasion of Ukraine. The EU is seeking to reduce its reliance on the world's second-largest economy, particularly for materials and products needed for its green transition.
European carmakers have realised they have a fight on their hands to produce lower-cost electric vehicles and erase China's lead in developing cheaper models.
Chinese EV makers, from market-leader BYD to smaller rivals Xpeng and Nio, are stepping up efforts to expand overseas as competition intensifies at home and domestic growth eases. China's auto exports surged 31% in August, China Passenger Car Association (CPCA) data showed.
The European Commission said China's share of EVs sold in Europe has risen to 8% and could reach 15% in 2025, noting prices are typically 20% below EU-made models. Popular Chinese models exported to Europe include SAIC's MG and Geely's Volvo.
Shares of Chinese EV producers fell after the EU announcement. BYD shares, which were trading 4.5% higher before the news, closed down 2.8%, while Nio fell 1% and Xpeng dropped 2.5%.
Shares in Europe's carmakers - Volkswagen, BMW and Mercedes Benz and Stellantis - got a brief, early boost on the news before erasing much of the gains. VW was up 0.2%, while Stellantis was down 0.2% at 1415 GMT.
GRINDING GEARS
The influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. Renault announced in July that it aimed to slash production costs for its electric models by 40%.
Like other EV makers, it also faces increased pressure from U.S. rival Tesla, which has cut prices several times this year even as that has eaten into its margins.
But Germany's VDA auto association said the EU must take into account a possible backlash from China and focus on creating the conditions for European players to succeed - from lowering electricity prices to reducing bureaucratic hurdles.
Germany's car industry relies on China for a large proportion of its sales revenue and has long advocated keeping trade doors open.
Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives.
"Europe is open to competition. Not for a race to the bottom," she said, noting the EU did not want to repeat the experience of its solar panel industry, which was decimated by cheaper Chinese imports.
"This is the start of a long journey," said analyst Simone Tagliapietra of think tank Bruegel. "It could ultimately work, but this must go in parallel with an active industrial policy to make sure EU industry quickly develops its competitiveness."
Chinese state subsidies for electric and hybrid vehicles were $57 billion from 2016-2022, according to consulting firm AlixPartners, helping China become the world's biggest EV producer and to pass Japan as the largest auto exporter in the first quarter of this year.
China terminated a generous 11-year subsidy scheme for EV purchases in 2022 but some local authorities have continued to offer aid or tax rebates to attract investments, as well as subsidies for consumers.
The EU investigation is looking at a broad range of possible unfair subsidies, from prices for raw materials and batteries, to preferential lending or cheap provision of land.
The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.
He estimated his company and Chinese peers had a cost advantage of as much as 20% over rivals such as Tesla thanks to China's grip over the supply chain and raw materials.
Kingsmill Bond, senior principal in the strategy team at the Rocky Mountain Institute, said Chinese producers in 2022 benefited from EV battery prices of $130 per kilowatt hour against a global price of $151.
UPDATE 5-EU to investigate 'flood' of Chinese electric cars, weigh tariffs
The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies.
MiG-29SMT
Senior Member
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EU State of UnionWall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
BYD's Seal rivals Tesla's Model 3 in many ways, UBS analysts found, including a cheaper price tag.
Will Chinese electric vehicles (EVs) win globally?
Will Chinese electric vehicles (EVs) win globally?
UBS Research analysts recently tore down BYD Seal, the latest-gen model from China’s number one carmaker.
View attachment 222246
European Commission President Ursula von der Leyen delivers her annual speech on the state of the European Union and its plans and strategies looking ahead, at the European Parliament, Wednesday, Sept. 13, 2023 in Strasbourg, eastern France. (AP Photo/Jean-Francois Badias)
ASSOCIATED PRESS
More
BRUSSELS (AP) — The European Union is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc’s executive branch said Wednesday, as concern grows that the aid is harming European companies.
“Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France.
“As we do not accept this distortion from the inside in our market, we do not accept this from the outside,” von der Leyen said. “So, I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”
China’s leaders have helped make the country the biggest market for electric vehicles by investing billions of dollars in subsidies to get an early lead in what is seen as a promising industry.
Global automakers face growing competition in their home regions from Chinese brands that are taking market share.
Electric vehicle makers including BYD Auto and Geely Group’s Zeekr unit began sales this year in Japan and Europe. Geely also owns Sweden’s Volvo Cars and its all-electric luxury brand, Polestar.
“Europe is open to competition but not for a race to the bottom. We must defend ourselves against unfair practices,” von der Leyen said. She did not provide details about the investigation.
EU announces an investigation into Chinese subsidies for electric vehicles
The European Union is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc’s executive branch said Wednesday, as concern grows that the aid is harming European companies. “As we do not accept this distortion from the inside in our...
Azaad
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EU State of Union
European Commission President Ursula von der Leyen delivers her annual speech on the state of the European Union and its plans and strategies looking ahead, at the European Parliament, Wednesday, Sept. 13, 2023 in Strasbourg, eastern France. (AP Photo/Jean-Francois Badias)
ASSOCIATED PRESS
More
BRUSSELS (AP) — The European Union is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc’s executive branch said Wednesday, as concern grows that the aid is harming European companies.
“Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France.
“As we do not accept this distortion from the inside in our market, we do not accept this from the outside,” von der Leyen said. “So, I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”
China’s leaders have helped make the country the biggest market for electric vehicles by investing billions of dollars in subsidies to get an early lead in what is seen as a promising industry.
Global automakers face growing competition in their home regions from Chinese brands that are taking market share.
Electric vehicle makers including BYD Auto and Geely Group’s Zeekr unit began sales this year in Japan and Europe. Geely also owns Sweden’s Volvo Cars and its all-electric luxury brand, Polestar.
“Europe is open to competition but not for a race to the bottom. We must defend ourselves against unfair practices,” von der Leyen said. She did not provide details about the investigation.
EU announces an investigation into Chinese subsidies for electric vehicles
The European Union is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc’s executive branch said Wednesday, as concern grows that the aid is harming European companies. “As we do not accept this distortion from the inside in our...
Looks like gwailou has started let's screw the Chinese EV program a couple of years before I anticipated it. Quick, what's the MSS propaganda to counter this going to be like? More importantly how's the CCP going to react?
@rockdog ; @SexyChineseLady
