Chinese EVs hit with EU probe after massive surge of cheap electric vehicle imports
The European Union launched an investigation over Chinese EV subsidies as the global markets are “now flooded with cheaper electric cars.” European Commission President Ursula von der Leyen revealed the probe Wednesday, claiming Chinese EV makers benefit from state subsidies.
The EU probe could lead to potential tariffs, which would likely have significant impacts on the market and Chinese EV makers.
“Global markets are now flooded with cheaper electric cars.” the EU Commission chief said in her annual speech to the European Parliament. “And their price is kept artificially low by huge state subsidies.”
The move comes as electric vehicle imports from China continue gaining momentum in the region.
China’s largest EV makers, like BYD, NIO, and XPeng, are launching models designed for the European market. And so far, it’s working.
New Energy Vehicle (NEV) exports from China rose 63.6% through the first seven months of the year, according to data from the China Association of Automobile Manufacturers (CAAM).
The European expansion was evident at the IAA Mobility show in Munich, with Chinese EV makers doubling their presence compared to 2021. EV leaders, including BYD and SAIC’s MG, unveiled impressive all-electric models aimed at the EU market.
BYD showcased six EVs, including the SEAL electric sedan and SEAL U, designed for European customers. The BYD Seal starts at 45,000 euros (about $48,000) with up to 570 km (354 mi) range.
NIO also launched its ET5 Touring this summer, its first electric station wagon, designed to rival German automakers including Porsche and BMW.
EU probes Chinese EVs over state subsidies
With new models like the SEAL and ET5 Touring rolling out with competitive pricing and often better technology, mass-market automakers like Volkswagen and Stellantis are feeling the pressure.
According to Jato Dynamics (via Reuters), the average retail price of Chinese EVs in Germany was 29% lower than non-Chinese models, excluding incentives and discounts.
The EU is already moving toward a clear future. As part of its Green Deal, the EU approved a law banning the sale of new ICE passenger cars from 2035. The move has accelerated EV sales in the region, but there are concerns over China’s economic practices.
The probe comes as the EU looks to avoid repeating what happened with the solar industry when cheaper Chinese imports squeezed many manufacturers out of the market.
If the EU decides to slap tariffs on Chinese EVs, it would have broader impacts, including brands that build cars in China, such as Tesla, Volvo, Polestar, Renault, and BMW.
The Commission will have up to 13 months to decide to implement tariffs above the 10% standard rate.
Shares of Chinese EV makers, including NIO, Xpeng, and BYD, were down in Wednesday’s trading session following the news.
Electrek’s Take
Although the EU is looking to protect its auto industry from being overtaken by cheaper Chinese EVs, a tariff may have significant impacts on the market.
For one, automakers in Germany rely heavily on China to drive sales revenue. Volkswagen has generated nearly half of its revenue from China, but the automaker is losing out to domestic EV makers as the EV transition heats up.
BYD surpassed VW as China’s top-selling car brand for the first time earlier this year. Meanwhile, Volkswagen has already slashed prices in the region in a bid to even the playing field, but how long can this go on?
Europe’s largest automaker also recently made several partnerships in the region to advance its position, including a $700 million investment into XPeng.
The biggest issue facing the EU is that many of these Chinese EVs are built better with superior technology and designs. While many European automakers delayed the transition to electric, EV makers like BYD and NIO took advantage of it, accelerating development and production.
NIO’s CEO William Li warned about the possibility of “protectionist policies” in April due to their cost advantages.
FTC: We use income earning auto affiliate links. More.
EV tire specialist ENSO has launched a new premium range of ultra-high performance (UHP) tires designed for passenger electric vehicles. Soon, US drivers of EVs from Tesla and other high-performance models will be able to purchase this new tire range as ENSO significantly expands its product lineup.
ENSO is a UK-based company that hails itself as the “world’s first tire company dedicated exclusively to EVs.” Like many EV automakers its tires support, the company utilizes a direct-to-consumer sales model to help reduce a customer’s total cost of ownership while providing tires that extend EV range and reduce pollution.
In the fall of 2024, ENSO signed a strategic international partnership with Uber to provide its EV rideshare drivers with low-emission tires. As the only Certified B-Corporation in the tire industry (a highly-polluting one), ENSO uses more sustainable methods to help transform the global economy, benefiting all people and the planet they inhabit.
To carry on this mission, ENSO has unveiled a new Premium line of EV tires engineered specifically for the unique demands of all-electric driving. Better yet, these new tires are coming to the US soon.
ENSO to launch new premium EV tire line in UK and US
According to a release from ENSO this morning, its new Premium line of EV tires are now available to customers in the UK before these go on sale to US drivers this summer. The ultra-high performance tires are A/A EU-labeled, meaning they carry the highest rating for energy efficiency and wet grip performance.
According to ENSO, its Premium EV tires also deliver the highest energy efficiency and safety in their class. They will help customers like Tesla Model 3 and Model Y owners save on TCO, tire pollution, manufacturing emissions, and reduced energy consumption while driving. Per ENSO co-founder and CEO Gunnlaugur Erlendsson:
ENSO’s mission has always been to accelerate EV adoption by making tires that enhance rather than compromise electric performance. With ENSO Premium, we’re plugging a long-standing gap in the tire market by offering EV drivers a purpose-built, affordable, premium and sustainable EV tire alternative that matches the innovation of their EV. We engineered ENSO Premium for the specific needs of EVs. from instant torque to regenerative braking. We’re delivering a tire that not only performs well but also helps EV drivers get more miles from every charge.
When designing its Premium EV tires, ENSO says it looked to match its drivers’ performance and sustainability values, specifically noting Tesla models. The tires were designed to reduce rolling resistance, extend range, and take longer to wear out than traditional tires, especially given the higher weight of EV models due to large battery packs. The result is a tire that enables fewer charging stops, lower energy consumption, and less overall tire pollution – ideal factors for the growing segment of sustainable electric mobility.
This summer, US drivers will be able to purchase the Premium line of EV tires at wholesalers, independent retailers, and directly through the company website.
FTC: We use income earning auto affiliate links. More.
The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
Oil giant BP is bracing itself for a shareholder backlash at its annual general meeting (AGM) on Thursday, with a chorus of disgruntled investors planning to voice their concerns over the firm’s green strategy U-turn.
A planned resolution on the reelection of outgoing BP Chair Helge Lund has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and the influence of U.S. hedge fund Elliott Management.
Britain’s beleaguered energy major, which has lagged behind more hydrocarbon-focused industry peers in recent years, has sought to resolve something of an identity crisis by launching a fundamental reset.
Seeking to rebuild investor confidence and boost near-term shareholder returns, BP in February pledged to slash renewable spending and ramp up annual expenditure on its core business of oil and gas.
The strategy reset was broadly welcomed by energy analysts, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
British asset manager Legal & General, a leading shareholder in BP with a roughly 1% stake, said it intends to vote against Lund’s reelection on Thursday — a position that would defy BP’s management recommendation.
Legal & General cited dissatisfaction over major revisions to the firm’s energy strategy, alongside BP’s decision not to allow a shareholder vote on the new direction.
Legal & General’s plans align with those of international asset manager Robeco, U.K. pension funds Nest and Border to Coast, as well as activist investors including Dutch group Follow This — all of which have indicated they will vote against Lund’s reelection.
Norway’s gigantic sovereign wealth fund and a number of U.S. pensions funds, however, have reportedly said they will back Lund’s reelection. Proxy advisors Institutional Shareholder Services and Glass Lewis have also recommended a vote in favor of Lund, according to Reuters.
It paves the way for a shareholder showdown at BP’s AGM, with observers closely monitoring the level of investor opposition to Lund’s reelection. Historically, votes against the chair of BP have remained under 10%.
A BP spokesperson declined to comment when contacted by CNBC.
Energy transition plans
BP’s renewed focus on oil and gas comes at a time when the London-listed energy firm is firmly in the spotlight as a potential takeover target. British rival Shell and U.S. oil giants Exxon Mobil and Chevron have all been touted as possible suitors.
“We value the significant steps BP has taken in recent years regarding its climate-related commitments and efforts, which we have supported through extensive and constructive dialogues, aimed at creating long-term value as the climate transition unfolds,” Legal & General’s investment stewardship team said on April 11.
Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.
Bloomberg | Bloomberg | Getty Images
“However, we are deeply concerned by the recent substantive revisions made to the company’s strategy as announced at the 2025 Capital Markets Day on 26 February, coupled with the decision not to allow a shareholder vote on the newly amended climate transition strategy at the 2025 AGM,” they added.
Legal & General said BP’s announcement earlier this month that Lund will step down, likely next year, was viewed “positively,” but ongoing unease about the firm’s succession plan means it intends to vote against the AGM resolution.
Five years ago, BP became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, BP pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The company scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Robeco said in its rationale that BP had refused to repeat a so-called “Say on Climate” vote for its strategy revision, despite previously requesting shareholder support for the firm’s previous and “more ambitious” transition goals.
“We have unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter alongside other investors with GBP 5 trillion in assets under management,” said Michiel van Esch, head of voting at Robeco.
“As a result, we have growing concerns over the company’s resilience through the energy transition, and over the consistency of its approach to climate governance, leading us to vote against the chairman and chair of the safety and sustainability committee,” he added.
Governance concerns
Elliott Management, for its part, is widely thought to be putting pressure on BP to minimize low-carbon investments and prioritize oil and gas. It emerged recently that the activist investor has built a near 5% stake in BP, making it one of the firm’s largest shareholders.
Activist shareholder Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change, said the need to vote against Lund had not disappeared following news of his looming departure. The group added that investors concerned with good governance should voice their dissatisfaction.
“Voting against the board is the only way for shareholders to express their dissent over BP’s refusal to allow a vote on its strategy U-turn,” Mark van Baal, founder of Follow This, said in a statement.
“Now, the board has unilaterally changed course without asking shareholder support with a vote. This raises serious governance concerns. It seems BP’s leadership is afraid of its own shareholders,” he added.
Shares of BP are down nearly 10% year-to-date.
Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!
Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.
Indeed, the interior looked so much like something from the 90s that I double and triple-checked the date on the press release. But don’t take my word for it, check it for yourself.
It’s fantastic
If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a very well-appointed six-figure SUV for a similarly very well-heeled buyer.
And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.
This is how Genesis explains it:
Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.
Genesis didn’t provide pictures of those swiveling seats or modular storage compartments on this concept, but the X Gran Equator Concept will make its in-person debut April 18th at the Genesis booth during the 2025 New York International Auto Show.
After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!
Genesis X Gran Equator photo gallery
SOURCE | IMAGES: Genesis.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway