NEV race intensifies as subsidies shrink

BEIJING - Competition in China's new energy vehicles sector is set to intensify as the country has been slashing subsidies for green cars, according to analysts.

Starting June 26, subsidies to NEV buyers decreased as much as 58 percent, according to a document released by the Ministry of Finance.

The move came as China has been cutting subsidies for the NEV sector since 2017, which were expected to be completely scrapped by 2020.