China will end subsidies for electric and hybrid cars at the end of the year, authorities have announced, saying the strength of sales in the sector meant state support was no longer needed.
In a statement published Friday, the Ministry of Finance said purchase subsidies would be reduced by 30 percent from the beginning of 2022 before being scrapped completely by the end of the year.
The cars are set to represent 18 percent of all vehicle sales in 2022, the China Association of Automobile Manufacturers estimated last week. In 2019, they accounted for only five percent.
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