BYD stock extends loss to 2.8% and XPeng share drops 2.1% in Hong Kong trading after EU announces probe of Chinese auto companies.
The European Commission, the executive arm of the European Union, on Wednesday launched an investigation into subsidies given to electric vehicle makers in China, CNBC reported.
"Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies," European Commission President Ursula von der Leyen said in her annual address to the bloc's parliament.