China’s plan on NEV switches from subsidy support to brand development
China is the market with the fastest growth of NEV (new energy vehicles) industry. However, its rapid expansion relies heavily on purchase subsidies offered by both central and local government – between 2016 and 2018, there were roughly RMB 21.5 billion handed out for electric vehicles sold. The attempt by the government to withdraw the funding policy and to take back the financial burden had almost ruined the market in mid-2019, therefore the state support was resurrected this year but in another form – quota and credit. For more details, please follow the link and dig in.