The coronavirus crisis is providing Chinese manufacturers of electric vehicles and EV batteries with more time to brace for competition from foreign rivals, as factories outside China are shuttered and Beijing would extend subsidies for new energy vehicles to 2022.
The State Council, China’s cabinet, on Tuesday announced the two-year extension, among other measures, aimed at reviving its car market which has been hit hard by the pandemic outbreak and slumping demand. Originally, the subsidies were to be terminated at the end of this year.
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