Shanghai, China ● Thu, May 19 2022
China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing as the broader economy slows, three people familiar with the matter said.
The move by policymakers comes as the world’s second-biggest economy has slowed sharply — and auto sales along with it — after cities led by Shanghai imposed tight COVID-19 lockdowns from March. The curbs have shut stores, disrupted supply chains and slashed spending, including on new homes.
Government departments including the Information and Industrial Technology Ministry (MIIT) are considering a continuation of subsidies to EV buyers in 2023, said the people, who declined to be named as the discussions were private.
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