The European Commission has launched a probe into subsidies given to electric vehicle makers in China, President Ursula von der Leyen said at her annual State of the Union address at the European Parliament in Strasbourg, CNBC’s Matt Clinch and Sam Meredith report. “Europe is open to competition but not for a race to the bottom,” she said. The Fly notes that stocks that may be impacted by the news include Nio (NIO) and XPeng (XPEV).
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