By Brenda Goh and Ryan Woo
SHANGHAI/BEIJING (Reuters) -Beijing on Thursday blasted the launch of a probe by the European Commission into China’s electric vehicle subsidies as protectionist and warned it would negatively impact economic and trade relations, as shares in Chinese EV makers slid.
European Commission President Ursula von der Leyen announced the investigation on Wednesday, accusing China of flooding global markets with electric cars that had artificially low prices because of huge state subsidies.
The probe, which could result in punitive tariffs, has prompted analyst warnings of retaliatory action from Beijing as well as pushback from Chinese industry executives who say the sector’s competitive advantage was not due to subsidies.
The investigation “is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including…
