BYD Executive Unfazed by EU Anti-Subsidy Investigation
The rapid growth of electric vehicles (EVs) represents a transformative shift that may be misunderstood by many. However, a BYD executive has emphasized that once data and real-world facts are shared, any doubts are dispelled.
Earlier this month, the European Union formally initiated an anti-subsidy investigation into electric vehicles (EVs) originating from China, causing widespread concern. An executive from BYD, China’s leading EV manufacturer, has shared the company’s perspective on this development.
Stella Li, BYD’s Executive Vice President, stated that BYD remains committed to fostering robust growth in the European market, even as the anti-subsidy investigation unfolds in the region. In an interview with Bloomberg in Santiago, Chile, she emphasized BYD‘s commitment to transparency and information sharing as a publicly traded company.
Li stated, “We don’t have concerns about any ongoing investigation in Europe.” She further noted that BYD is prepared to provide all requested information to European Union authorities to clarify any doubts regarding its production.
The advancement of EVs represents a revolution that may be perplexing to many, leading to concerns, according to Li. However, she expressed confidence that sharing data and presenting the reality will alleviate any apprehensions.
European Commission President Ursula von der Leyen announced plans on September 13 to launch an anti-subsidy investigation into Chinese EVs, with the official launch taking place on October 4. The investigation aims to determine if China’s EV value chain is benefiting from subsidies and whether these subsidies are causing or likely to cause economic harm to EU EV producers.
According to the EU’s announcement on October 4, the investigation will be completed within a maximum of 13 months from initiation. If legally justified, provisional anti-subsidy duties may be imposed within 9 months, with any final measures implemented within 4 months of initiation or within 13 months of the investigation’s start.
China has voiced its opposition to the EU’s actions, with the Ministry of Commerce stating that it will closely monitor the European side’s investigation procedures and vigorously defend the legitimate rights and interests of Chinese companies.
It’s noteworthy that the EU’s investigation will encompass not only EVs from Chinese automakers but also models from foreign automakers. In fact, the EU has requested information from BMW regarding BMW iX3 cars, which are exported from Chinese production facilities, as part of the ongoing investigation, as reported by Bloomberg on October 6.