China has sent a clear signal that it is willing to pull the plug on subsidies for its electric vehicle industry after years of big-ticket government support fuelled a boom that has left the world's second-largest economy saddled with vast oversupply, prompting it to push into global car markets.
Top policymakers omitted electric vehicles from their list of strategic industries in their recent five-year development plan for 2026-2030, the industry's first exclusion in more than a decade.
Source : Reuters