China to cut new energy vehicle subsidies by 30% in 2022

Image Credit: REUTERS/Aly Song China will cut subsidies for New Energy Vehicles (NEVs) such as electric cars by 30% in 2022 and withdraw them all by the end of the year, the Treasury Department said on its website. The subsidies for NEVs would be reduced by 10%, 20% and 30% respectively from 2020 to 2022. For NEVs for public transport, subsidies are to be reduced by 10% in 2021 and 20% in 2022. China, the world's biggest auto market, has set a target for NEVs, including plug-in hybrids and hydro...