China Credits EV Growth to 'Constant Innovations,' Defends EV Industry's Rapid Growth

China's Minister of Commerce Wang Wentao said China's rapid growth in EVs is due to "constant innovations," not subsidies as claimed by the US and Europe. Wang made the remarks during a roundtable in Paris with representatives from Chinese EV companies facing an EU anti-subsidy investigation. The EU launched an investigation to see if import tariffs on Chinese EVs are needed to offset subsidies and create a level playing field. US Treasury Secretary Janet Yellen in China expressed concern over the impacts of Chinese "industrial overcapacity" and said talks would focus on related "macroeconomic imbalances."