Bernstein analysts found that China’s automobile and parts exports more than doubled year-on-year in 2021, accounting for more than 30% of China’s overall export growth.

Fan Yi | Visual China Group | Getty Images

The European Commission on Wednesday launched an investigation into subsidies to Chinese electric car makers, said Ursula von der Leyen, president of the European Commission, the bloc’s executive arm.

She told the European Parliament in Strasbourg during her annual State of the Union address that the European Commission was launching a “countervailing investigation into electric vehicles from China.”

“Europe is open to competition. It’s not a race to the bottom,” she said.

After the news was announced, European auto stocks rose 1.2% on Wednesday morning, while most sectors fell sharply.

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