China says innovations not subsidies powering EV edge as Yellen raises overcapacity concerns
Summary
Newly launched BYD Seal is displayed during the launch of the Chinese-made BYD brand in Jakarta, on January 18, 2024, and at the same time introduced 2 other types of battery-powered vehicles (EV, electric vehicle) that will be sold in Indonesia, with an investment of 1.3 billion US dollars. The allegations about "overcapacity" by the U.S. and Europe are without merit, he said, state news agency Xinhua reported Monday. Wang also attributed Chinas EV edge to "well-established supply chain system and market competition." The roundtable discussion centered around EUs anti-subsidy probe into electric vehicle imports from China, among other topics, according to the statement. Wang noted that the Chinese EV industry has "made an important contribution to the global response to climate change as well as green and low-carbon transformation."