China to Extend Tax Exemption on Electric Vehicle Purchases for One Year

What’s new: China plans to extend a tax exemption on electric-vehicle (EV) purchases, according to a State Council meeting held on Friday, in a move that is likely to be a boon for the auto industry.

The move marks a U-turn from the government’s previously announced plan, which would have seen an exemption on the 10% EV-purchase tax expire at the end of 2022.