Europe’s competition watchdog has warned carmakers that China-made cars sold in the EU are supported by unfair state-backed subsidies.
shares moved lower Tuesday following a report that suggested the automaker could be part of a European Commission probe into unfair subsides in the clean energy car market.
European Commission President Ursula von der Leyen hinted at the probe during her annual address to the European Parliament earlier this month, telling lawmakers that"global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies." China remains the most important market for Tesla, which is attempting to build a commanding share of the global EV market even if it means posting narrower overall profit margins driven by aggressive price cuts.
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