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EVs: export success with subsidies

China’s Ministry of Industry and Information Technology (MIIT) disclosed in early September the amount of subsidies received by automakers over the past five years. According to the report, Beijing spent the equivalent of €4.3 billion in total to boost the production of e-cars (China.Table reported). This includes purely battery-powered electric vehicles, hydrogen fuel cell vehicles, and hybrid vehicles. While per-vehicle payments fell by four-fifths, the government paid the equivalent of nearly 1.4 billion euros in subsidies in 2020, more than ten times the amount it paid in 2016, due to the boom in e-car sales, reports business daily Caixin. According to analysts, annual sales of electric vehicles in China could rise to 8.3 million units by 2025.

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