China's Minister of Commerce Wang Wentao on Sunday said the allegations about 'overcapacity' by the U.S. and Europe were without merit.
China's Minister of Commerce Wang Wentao slammed accusations of "overcapacity" by the U.S. and Europe, saying they are "groundless," according to a Xinhua report.
Wang made the remarks during a roundtable discussion in Paris on Sunday with representatives from more than 10 Chinese companies including BYD and CATL. U.S. Treasury Secretary Janet Yellen on Saturday said she was "particularly concerned" about the economic impact from Chinese industrial overcapacity.
Newly launched BYD Seal is displayed during the launch of the Chinese-made BYD brand in Jakarta, on January 18, 2024, and at the same time introduced 2 other types of battery-powered vehicles that will be sold in Indonesia, with an investment of 1.3 billion US dollars. 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 EU launched an investigation in October to determine if 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.The 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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