China Plans To Cut Subsidies For Domestic Electric Vehicles By 30%

The Ministry of Finance of China stated on its website that the ministry is planning to cut subsidies for electric vehicles by 30% within this year, and cancel the subsidies completely by the end of this year. Of course, the Ministry of Finance of China has not indicated the actual implementation date. It is unknown how much impact the subsidy will have on domestic electric vehicle sales once the subsidy ends. It is understood that many foreign brands, including Volkswagen, General Motors, Toyota and Tesla, all produce electric vehicles in China.