China's EV Subsidy Probe: What Was Discovered?
China punished five manufacturers of electric vehicles for scamming the government of about $150 million in subsidies in a crackdown aimed at rooting out fraud in the fast-growing industry. The government revoked the production license of Gemsea Coach, a Suzhou, China-based bus maker, and ordered the company to pay back all of the subsidies it received last year, according to a statement from the Ministry of Finance. Bloomberg's Craig Trudell reports on "Trending Business." (Source: Bloomberg)