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Business trends

EV subsidy cuts give Chinese automakers more reason to fret

Fast-growing used-car market also takes toll on sales of new electrics

Geely's new Geometry A electric vehicle is shown to the media at the Shanghai auto show in April.   © Reuters

HONG KONG -- Larger-than-expected cuts to China's electric vehicle subsidies are set to hasten industry consolidation and help level the playing field for foreign competitors in the world's largest auto market.

So-called new-energy vehicles -- which include pure electrics and plug-in hybrids -- have been a bright spot in an otherwise gloomy market, which makes the subsidy reduction potentially devastating, particularly for smaller players.

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