Putin denounces U.S. allegation of China's EV overcapacity as "nonsense"

ST. PETERSBURG, June 6 (Xinhua) -- The U.S. allegation of China's overcapacity in electric vehicles is "some kind of nonsense" and an attempt to limit growth by non-market means, Russian President Vladimir Putin has said.

"Don't they know who determines whether there is overproduction or not? ... If China produces a certain number of cars, and the market absorbs it all, takes it away, then what kind of overproduction are we talking about?" Putin said late Wednesday when responding to a question from Xinhua at the ongoing 27th St. Petersburg International Economic Forum.

Putin said the U.S. practices to limit growth are harmful, including to the U.S. economy, as consumers would suffer higher costs looking for alternatives, causing higher inflation in the country.

"This is a mistake, another mistake of today's (U.S.) administration," he added.