According to Bloomberg, on September 13, European Commission President Ursula von der Leyen announced an investigation into subsidies received by Chinese electric vehicle manufacturers. Assessing whether the EU needs to impose tariffs to protect itself from Chinese electric car producers that benefit from state subsidies. The EU is now concerned about its competitiveness in the electric vehicle market.
Von der Leyen said in her annual State of the Union address to the European Parliament: "The global electric car market is flooded with affordable Chinese cars. Their prices are low because they receive huge state subsidies, which distorts our market. , since we cannot accept distortions from within our market, we cannot accept distortions from outside.”
The investigation was launched despite concerns that China would retaliate. It's a sign of growing concerns about European carmakers' ability to compete with Chinese industry.
This series of EU measures also highlights the rise of China's electric vehicles and industry concerns about whether European automakers can compete with Chinese automakers. China is home to many electric car manufacturers, including BYD and NIO, which are preparing to launch a series of competitively priced electric models to increase sales in Europe. If these models are successful, they will impact European automakers such as Stellantis Group and Volkswagen Group.
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Editor: Qin Qingbao