China’s government has thrown $100 billion in subsidies at its domestic electric-vehicle industry over the past decade, according to a new report. But it is still unlikely Beijing will succeed in its mission to conquer the global EV market, analysts say.
The report, from Scott Kennedy with the Center for Strategic and International Studies, found that Chinese government subsidies account for approximately one-third of an electric car’s sales price
While subsidies are expected to decline, the government has announced plans to encourage buyers to purchase so-called “new energy vehicles” which it hopes will make up a quarter of all automotive sales within five years. It is already vastly easier for city residents to obtain permits to own electric cars