China’s Commerce Minister Wang Wentao dismissed allegations of China’s electric vehicle (EV) companies relying on subsidies for competitive edge during a Paris roundtable meeting on Sunday. Wang emphasized that accusations of «overcapacity» from the U.S. and Europe hold no merit. Representatives from major Chinese firms like Geely, BYD, and CATL attended the session, as reported by the commerce ministry.
Highlighting China’s EV industry’s reliance on technological advancement and robust market competition rather than subsidies, Wang asserted that claims of overcapacity are unfounded. The meeting also addressed the European Commission’s investigation into potential unfair subsidies benefiting China’s EV sector.
The investigation, aiming to assess if tariffs are necessary to protect European automakers, is set to conclude by November, with provisional duties possibly imposed earlier. Meanwhile, U.S. Treasury Secretary Janet Yellen, currently in China, expressed global concerns over China’s industrial capacity surplus, stressing its adverse effects on both China and foreign producers.
