China won’t make “substantial” reductions to new-energy vehicle (NEV) subsidies in 2020, a key regulator said, as the government seeks to steady the auto sector amid its worst downturn in decades.
Government subsidies will “remain relatively steady” this year in order to stabilize market expectations and guarantee the healthy development of the industry, the Ministry of Industry and Information Technology (MIIT) quoted its top official Miao Wei as saying Saturday.
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