China reduces electric car subsidiesChristian Fernsby ▼ | March 28, 2019
China has announced its plans to reduce subsidies for electric cars sold in the country.
Asia China’s Ministry of Finance announced the changes in a statement
Electric cars must now have a range of at least 250 miles to qualify for any subsidy.”
China hopes the move will encourage innovation and improved technology to sell EVs.
The ministry listed a number of goals for high-quality development of new energy vehicles, beyond reducing subsidies.
There will be also be a transition period running for the next three months regarding local government subsidies.
After that period, those subsidies should be removed from electric car purchases and instead applied to infrastructure. ■