EU launches probe into Chinese EV subsidies as industry fears grow
China is home to a slew of EV makers supported by government incentives for both industry and buyers, and many of its upstart companies have yet to consistently generate profits
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.
Ursula von der Leyen, the European Commission President, announced the probe Wednesday, saying that the global market is flooded with cheap Chinese cars.
“Their price is kept artificially low by huge state subsidies. This is distorting our market,” the head of the EU’s executive arm said in her annual speech ...