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China Cuts Subsidies for New-Energy Vehicle Companies

By Tang Ziyi / Mar 27, 2019 07:41 PM / Environment

Photo: VCG

Photo: VCG

Direct government support continues to dwindle for China's new-energy auto industry.

The Ministry of Finance is slashing subsidies for some electric vehicle makers, while raising requirements for companies hoping to receive the handouts.

The ministry announced Tuesday that it would halve the subsidy for electric cars with a range of at least 400 kilometers to 25,000 yuan ($3,720.07) per vehicle, down from 50,000 yuan.

The ministry also said vehicles must now have a range of at least 250 kilometers to be eligible for subsidies, up from the previous 150 kilometers.

The announcement is part of a government plan to phase out subsidies altogether by 2020.

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