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China will extend subsidies and tax breaks for new-energy vehicle purchases by two years to bolster the world’s largest electric car market hit by a prolonged sales slump and fallout from the coronavirus pandemic.
The State Council, China’s cabinet, announced the two-year extension late Tuesday, providing price subsidies to makers of new-energy vehicles (NEVs) and waiving car-purchase taxes for consumers until the end of 2022.
In China, the term “new energy vehicle” applies to any car with plug-in capabilities to receive power. This term refers to battery electric . . .
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