Chinese EV subsidies will be investigated by EU over concerns they're distorting the market with cheaper prices

The EU is launching an "Anti-subsidy investigation" into Chinese electric vehicles, Ursula von der Leyen announced Wednesday. In her State of the Union speech, the European Commission president said the bloc's market was being distorted because the price of Chinese EVs is "Kept artificially low by huge state subsidies." The investigation could mean the EU would impose tariffs to make the vehicles more expensive in the bloc - aiming to negate the Chinese government's financial support of its country's EV companies. The news agency also reported that 8% of new EVs sold in Europe this year were from Chinese brands, up from 4% in 2021. Chinese EV makers haven't yet brought their cars to the US, but they have become increasingly popular on the other side of the Atlantic. It's also the world's second-biggest maker of EVs after Tesla, The Guardian reported. "Europe is open for competition. Not for a race to the bottom," Von der Leyen said.