China will not cut subsidies for new energy vehicles (NEV) again in July, Miao W...
FILE PHOTO: China's Minister of Industry and Information Technology Miao Wei speaks at the annual session of China Development Forum 2018 at the Diaoyutai State Guesthouse in Beijing, China March 26, 2018. REUTERS/Jason Lee
China has been slowly rolling back a generous 5-year subsidy program for the NEV sector kicked off in 2016, saying it plans to phase out subsidies after 2020, amid criticism that some firms have become overly reliant on the funds. Miao’s speech was the “best news”, He Xiaopeng, chief executive of EV startup XPeng Motors, told Reuters, adding that policy stability was crucial to the industry.
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