Stellantis CEO Carlos Tavares said the European Commission's probe into whether cheaper Chinese electric vehicles exported to Europe benefit from state subsidies was not the best way to tackle global issues.
Tavares was speaking Thursday at a press conference in the Chinese city of Hangzhou following the announcement that Stellantis is buying a 21 percent stake in Leapmotor for $1.6 billion.
Tavares has in the past been a vocal critic of lower-cost Chinese imports into Europe, but told reporters the Leapmotor deal did not make Stellantis a "Trojan horse."
"As we have global issues to face, we have to adopt a global mentality. We do not support a fragmented world. We like competition. To start a probe is not the best way to tackle those questions," he said.
The European Commission began an investigation this month to decide whether to set up higher tariff barriers against what Commission President Ursula von der Leyen has called a flood of cheaper Chinese EV imports benefiting from state subsidies.
It is examining EVs exported to Europe from China both from Chinese manufacturers and foreign automakers, such as Tesla, BMW and Renault.
In January, Tavares said European politicians must help the region's automakers compete with Chinese companies that are expanding into Europe with aggressively priced vehicles.
Watch Ryan Kerrigan’s recent interview on CBT News to learn about Kerrigan Advisors’ perspective on the evolving automotive retail market, dealer sentiment amid economic uncertainty and key insights from the latest Blue Sky Report.
Stellantis and Leapmotor will set up a joint venture based in the Netherlands, giving Stellantis exclusive rights for the export, sale and manufacturing of Leapmotor's products outside China.
