BEIJING -- China is reducing subsidies for new-energy vehicles by 20% in 2021 following a solid recovery in sales, moving to pull back fiscal support designed for a pandemic-battered market.
The new policy for the program, covering electric cars, plug-in hybrids and fuel cell automobiles, took effect Friday. The subsidies are reduced by a smaller 10% for commercial vehicles including buses, taxis, ride-sharing vehicles and waste collection trucks.
