Caixin
Jan 04, 2022 07:20 PM
BUSINESS

China Forges Ahead With Plan to End NEV Subsidies Before 2023

A new energy vehicle uses charging piles for quick charging in Shanghai on Dec. 31, 2021. Photo: VCG
A new energy vehicle uses charging piles for quick charging in Shanghai on Dec. 31, 2021. Photo: VCG

China has slashed subsidies for electric cars and other new-energy vehicles (NEVs) by 30%, as it works toward the goal of phasing them out completely by the end of 2022, two years later than originally planned.

The decision to forge ahead with the cut to state support comes after sales saw bumper growth in 2021. In the first 11 months, sales surged 166.8% year-on-year to about 3 million units, according to the China Association of Automobile Manufacturers (CAAM).

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