China to Impose Deeper Cuts on Subsidies of New-Energy Vehicles
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China said it will cut subsidies on new-energy vehicles by more than it previously considered, even as sales lag behind an official target.
The finance ministry will reduce subsidies on new-energy vehicles by 40 percent in 2019 to 2020 from that in 2016, according to a statement posted on the ministry’s website Wednesday. The amount is double the quantum of the cut the ministry said it was considering in December.