Nearly 500 electric-vehicle makers were operating in China last year. Now, as subsidies are being slashed, most are expected to vanish.
Under a Finance Ministry plan released this week, the maximum central-government subsidy for an electric car is being more than halved, cut to 27,500 yuan from 66,000 yuan starting in June.
Subsidies from local governments, which have been as much as 50% larger than the national ones, are being eliminated.Tesla is building a massive factory in Shanghai, the first wholly foreign-owned car plant in China. WSJ’s Trefor Moss explains why it’s doing so even as U.S.-China trade tensions heat up. Photo illustration: Crystal Tai
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