Sheila Chiang is a reporter based out of CNBC’s Singapore office.
China’s Minister of Commerce Wang Wentao has said that the speedy rise of the country’s electric vehicle firms was not because of subsidies, but due to “constant innovations.” The allegations about “overcapacity” by the U.S. and Europe are without merit, he said, state news agency Xinhua reported Monday. Wang also attributed China’s EV edge to a “well-established supply chain system and market competition.
launched an investigation in October to determine whether it should impose tariffs on imports of battery EVs from China “to offset state subsidies, and to level the playing field,” following a substantial increase in in imports. European Commission President Ursula von der Leyen said in September that the “global market is flooded with cheaper electric vehicles” and that prices are “kept artificially low” because of “huge state subsidies.
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