Beijing says European Commission probe into it’s electric vehicle (EV) subsidies is protectionist, warning it would damage economic and trade relations, as shares in Chinese EV makers slipped.
China’s Ministry of Commerce said the investigation is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including the EU, and will have a negative impact on China-EU economic and trade relations.
Earlier, European Commission President Ursula von der Leyen announced the investigation, accusing China of flooding global markets with electric cars that had artificially low prices because of huge state subsidies.
Eurasian Group analysts warned that should Brussels ultimately levy duties against subsidized Chinese EVs, Beijing would likely impose countermeasures to hurt European industries.
