Chinese authorities are phasing out a subsidy program for manufacturers of cars on alternative energy sources. Reuters writes that the relevant information is available on the website of the Ministry of Finance of China. The five-year subsidy program, launched in 2016, was aimed at stimulating innovation and sales of new energy vehicles. The Ministry of Finance reported that in the next 3 years, the subsidy for electric vehicles with mileage over 400 kilometers would be reduced 2 times to 25 thousand yuan per car. The requirements for the mileage of electric vehicles are also increased from 150 to 250 kilometers. The Ministry plans after 2020 to completely abandon the subsidies and focus its efforts on the construction of infrastructure, including for charging electric vehicles.
Adidas aims to sell its Reebok division in March 202121.10.2020
Tesla to hit its vehicle production goal this year20.10.2020
Cathay Pacific cuts 18% of its workforce amid the coronavirus pandemic20.10.2020
UBS' third-quarter revenue increases due to its strong performance in the global markets