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China cuts subsidies on electric vehicles as sector's costs fall

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China cuts subsidies on electric vehicles as sector's costs fall

Hong Kong — China has cut subsidies with immediate effect for electric vehicles on the domestic EV sector as the industry enjoys economies of scale as it grows, the Ministry of Finance said in a circular late Tuesday.

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It said the subsidy cut is aimed at stabilizing the market, eliminating the poor performers and keeping the good ones.

The subsidy for pure battery EVs with driving ranges of 400 km (248 miles) and more will be cut by 50% to Yuan 25,000 ($3,720) per car from the previous Yuan 50,000, according to the ministry.

China's car sector is forecast to consume 940,000 mt copper by 2020, up from around 710,000 mt in 2017, with copper use by the auto sector seen rising further to 1.32 million mt by 2025 on growing car output, Jiangxi Copper's subsidiary Jinrui Futures said.

-- Mayumi Watanabe, mayumi.watanabe@spglobal.com

-- Joshua Leung, newsdesk@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com