Sales of New-Energy Cars Plunge After Subsidies Suspended
(Beijing) — China’s new-energy car sales plunged in January as buyers and manufacturers took to the sidelines as the government restructured an incentive system that had been widely abused.
The country has embarked on an aggressive program to build up its new-energy car sector as part of a broader effort to clean up air pollution and develop cutting-edge technologies that can be exported. But generous subsidies meant to promote the industry led to widespread fraud among buyers and manufacturers.
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