Beijing has criticized the European Union’s investigation into China’s electric car industry as a protectionist act. The Chinese commerce ministry has warned that this investigation will disrupt the global automotive industry supply chain and have a negative impact on China-EU economic and trade relations. The EU’s concern stems from the rapid rise of Chinese electric vehicles in the European market, which could reach 15% market share within two years. China sees the electric vehicle (EV) industry as a bright spot in its struggling economy and is looking to reduce its dependence on the property sector through advanced technology and the green transition. German carmakers, while previously dominant in China’s car market, are now facing pressure from domestic EV producers. Additionally, Chinese EV makers are suffering from oversupply issues, with hopes for exporting to the EU dashed by heavy tariffs imposed by the US. China emphasizes its open and cooperative attitude, welcoming further investment from EU automobile companies in China, including in the EV sector. Shares in Chinese carmakers fell following this news.
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