Apparently, things are going a little too well for the EV market in China, prompting the EU to launch an investigation into Chinese subsidies for electric vehicles, according to Bloomberg. Because, you know, why let consumers benefit from competition when you can stoke the flames of a trade war that'll probably backfire on European automakers?
The news saw shares of European automakers rally first, before paring gains on the eventual thought of potential backlash. Before paring gains, shares of Volvo Car were up 4.9%, followed by Renault…European Automakers Rally As EU Launches Probe Into Chinese EV Subsidies
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