Our EV firms do not rely on subsidies to gain competitive advantage: China

Commerce Minister Wang Wentao made the remarks at a roundtable meeting of Chinese firms in Paris, where he is set to discuss China's exports of EVs into the European market among other things

China's electric vehicle companies do not rely on subsidies to gain a competitive advantage and accusations by the US and Europe of "overcapacity" are groundless, Commerce Minister Wang Wentao said on Sunday in Paris.
 

Wang made the remarks at a roundtable meeting of Chinese firms in Paris, where he is set to discuss China's exports of EVs into the European market among other things.
 

Representatives of more than 10 enterprises such as Geely , BYD and CATL attended the meeting, according to a statement from the commerce ministry on Monday.
 

"China's electric vehicle companies rely on continuous technological innovation, perfect production and supply chain system and full market competition for rapid development, not relying on subsidies to gain competitive advantage," Wang said.
 

"The United States and Europe and other accusations of "overcapacity" are groundless."
 

Wider discussions will centre around the European Commission's investigation into whether China's EV industry has benefited from unfair subsidies.
 

The Commission has begun an investigation to determine whether to impose tariffs on exports to protect European car makers. It is due to conclude by November, although the EU executive could impose provisional duties earlier.
 

US Treasury Secretary Janet Yellen is currently in China where she has said global concerns are growing over China's excess industrial capacity, noting that it is not healthy for China and it is hurting producers in other countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)