China to scrap subsidies for electric vehicles

From channelnewsasia.com

China will end subsidies for electric and hybrid cars at the end of the year, authorities have announced, saying the strength of sales in the sector meant state support was no longer needed. In a statement published on Friday (Dec 31), the Ministry of Finance said purchase subsidies would be reduced by 30 per cent from the beginning of 2022 before being scrapped completely by the end of the year. "Given the growth of the industry for vehicles with new energy, the sales trends and the smooth transition of manufacturers, the subsidies ... will end on Dec 31," the ministry said. "Vehicles registered after Dec 31, 2022 ... (full story)