BEIJING/SHANGHAI: China will not make significant cuts to subsidies for new energy vehicles this year, signalling that its policy will remain relatively stable, state media quoted the country's industry ministry as saying on Saturday.
Beijing has been slowly rolling back a generous 5-year subsidy programme for NEVs, which began in 2016, saying it plans to phase out subsidies after 2020, amid criticism that some firms have become overly reliant on the funds. "There was a subsidy cut on July 1 last year and everyone has been concerned about whether we will see more cuts this year," Miao told the EV100 annual gathering of senior auto industry executives in Beijing.Miao's speech was the"best news", He Xiaopeng, chief executive of EV startup XPeng Motors, told Reuters, adding that policy stability was crucial to the industry.
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