Published on: Friday, June 21, 2024Sales-tax exemptions surged to nearly US$40 billion last year, a jump from under US$10 billion in 2020, fuelled by rapid EV sales growth. China’s electric vehicle industry received at least US$231 billion in government subsidies and aid from 2009 through to the end of last year, even as the amount of support per vehicle has declined, according to a new research.
The rest is made up of nationally approved buyer rebates, government funding for infrastructure such as charging stations, government procurement of EVs as well as R&D support programmes, he wrote in a blog post. He described the data as “highly conservative,” noting that it doesn’t include local-level rebate programmes in cities like Shanghai and Shenzhen designed to encourage owners of conventional cars to switch to EVs.