China agreed to extend tax breaks and subsidies on electric-vehicle purchases for two years to provide relief for the struggling industry in the wake of the coronavirus
The government will keep waiving the 10% sales tax on EVs, a benefit that began in 2014 and was due to expire at the end of this year, through 2022, state broadcaster CCTV
The measures, which also apply to fuel-celled and plug-in hybrid vehicle purchases, illustrate the latest government efforts to help the world’s second-largest economy recover from a pandemic that’s upended daily life across the globe. China’s top leaders have
China currently levies the full 10% purchase tax on gasoline cars, though industry lobbying groups such as the China Association of Automobile Manufacturers have called on the government to cut it.
The state council decision confirms a Bloomberg
The auto industry has been hit particularly hard in the wake of the coronavirus, with weekly car sales plunging as much as
But Chinese electric carmakers have counted on government support over the past decade to stay in business. That’s benefited the likes of BYD Co.,
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