BYD, SAIC Motor and Geely under EU investigation into Chinese EV subsidies Tesla not in the list

$BYD COMPANY(01211.HK)$ $GEELY AUTO(00175.HK)$ $SAIC Motor Corporation(600104.SH)$ $Tesla(TSLA.US)$ Tesla ships more electric vehicles from China to Europe than any other company – but the carmaker is not one of a small pool of firms being investigated by the EU over potential market-distorting subsidies, the Post has learned. Brussels is instead focused on three Chinese-owned manufacturers, seeking to level the playing field for European EV makers.

The news was first reported by MLex, a trade publication. According to Borderlex, another Brussels-based trade outlet, the three companies being investigated are BYD, SAIC Motor and Geely, owner of the iconic Swedish-founded brand Volvo.

Previously I have shared an article that Tesla EV sales in Europe are made in Berlin Gigafactory, Germany which will not have any market-distorting subsidies.

Quote:

SAIC Motor is a state-owned giant, but the other two are privately held in China. Nonetheless, as Geely was founded in 1986 and BYD in 1995, it could be reasonably expected that all three firms have received more direct subsidies over the last decades than international brands manufacturing in China.
Therefore, the average subsidy applied across the board could be higher than had international firms been part of the EU investigation’s sample. The inquiry comes on direct orders from European Commission chief Ursula von der Leyen, who last month raged against the “flood” of Chinese electric vehicles landing on EU shores, “distorting our market”.