EV makers such as Tesla could fall under Europe's subsidy probe into China, EU's trade chief says
Publishing timestamp: 2023-09-28 09:48:11
Summary
3) The European Union is conducting an investigation into subsidies given by China to electric vehicle (EV) makers. The investigation aims to address significant distortions in the European market caused by cheaper offerings from Chinese EV manufacturers. Non-Chinese brands like Tesla and BMW could be included in the investigation. The scope of the investigation is still being determined through consultations with Chinese authorities. The EU investigation could last up to 13 months. European officials believe that the share of China-made cars sold in Europe is increasing and could reach 15% by 2025. The European Union is also looking to de-risk from China and reduce dependencies. The executive vice president of the European Commission, Valdis Dombrovskis, reassured Chinese authorities during his visit that the investigation aims to create fairer trading practices and does not intend to sever ties with Beijing.
Sentiment: NEUTRAL
Keywords: bayerische motoren werke ag, trade, economy, valdis dombrovskis, china, foreign policy, europe economy, europe news, environment, business news, tesla inc, politics,