Beijing provided generous subsidies and tax incentives for purchases of EVs, particularly for taxi fleets, bus fleets and for central and local government agencies but also for consumers in a program that was supposed to be tapered and ultimately phased out by 2021. Local governments and state-owned banks also provided support.
Volkswagen and other traditional auto powerhouses are under threat.Credit: Bloomberg
For some manufacturers, by the middle of the last decade the subsidies…
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