The European Commission, the executive arm of the European Union, on Wednesday launched an investigation into the subsidies given to electric vehicle makers in China, according to President Ursula von der Leyen.
China's automobile and component exports more than doubled in 2021 from a year ago, exceeding 30% growth in China's exports overall, Bernstein analysts found.The European Commission, the executive arm of the European Union, on Wednesday launched an investigation into subsidies given to electric vehicle makers in China, according to President Ursula von der Leyen.
Speaking at her annual State of the Union address at the European Parliament in Strasbourg, she said the commission is launching an "anti-subsidy investigation into electric vehicles coming from China."Autos stocks in Europe were higher by 1.2% on Wednesday morning after the announcement, in a largely down day for most sectors.
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