China says EU probe into Chinese electric vehicle exports, subsidies is protectionist

HONG KONG (AP) — China’s Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying it is a protectionist action aimed at distorting the supply chain. The EU announced Wednesday it will probe government subsidies provided to Chinese automakers that the EU contends keep EV prices artificially low. The Ministry of Commerce said the EU’s move was intended to “protect its own industry in the name of ‘fair competition.'” China has become the biggest market for electric vehicles after investing billions in subsidies to gain an edge. Automakers like BYD and Geely have quickly gained market share after launching sales of EVs to Japan and Europe.