China to cut new energy vehicle subsidies by 20% next year
China has set a target for NEVs, which also covers plug-in hybrids and hydrogen fuel cell vehicles, to account for a fifth of auto sales by 2025 compared with the current 5%
China will cut its subsidies on new energy vehicles (NEV) such as electric cars by 20% next year, the finance ministry said on Thursday, while seeking to cut pollution and cultivate home-grown auto-sector champions.
China has set a target for NEVs, which also covers plug-in hybrids and hydrogen fuel cell vehicles, to account for a fifth of auto sales by 2025 compared with the current 5%.