The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales.
Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga.
It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing.
The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year.
“In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.
Persons:
Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi
Organizations:
WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party
Locations:
China, Georgia, Paris, Norcross , Ga, U.S, Beijing