WM Motor’s EX5 electric vehicle on display at the Consumer Electronics Show Asia in Shanghai in June 2019.
Arjun Kharpal | CNBC
Soon after signs that the outbreak in China was under control, the central authority and local governments announced stimulus policies aimed at automobiles, particularly new energy vehicles.
In the last few weeks, NEV subsidies and tax break policies set to expire this year were extended by two years to 2022. Battery charging infrastructure – frequently cited as a reason for not buying an electric car – got an injection of 2.7 billion yuan. That would allow for a ten-fold increase in scale versus last year, according to state media.
Such efforts play into national ambitions, and supports the economic contributions of the overall automobile industry. The auto sector accounts for about 10% of China’s retail…