China cut subsidies for new-energy cars in next three years, raised requirement for cars to get subsidies

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China cut government subsidies for new-energy vehicle purchases in the next three years after it decided to extend the policy to subsidize the sector help them through the market downturn.

Subsidies will be cut by 10 per cent this year, 20 per cent next year and 30 per cent in 2022, from a year earlier, according to a notice issued by the Ministry of Finance on Thursday.

China introduced NEV incentives a decade ago, spurring explosive growth in the market for battery electric, fuel cell, and plug-in hybrid vehicles. Since 2017, policymakers have . . .

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