China’s implementation of EV subsidies in 2009 has been central to the rapid and widespread adoption of electric vehicles in the country.
However, the Finance Ministry announced that it would decrease subsidies by 10% in 2020, 20% in 2021 and 30% in 2022.
2023 is the first year where the majority of federal subsidies in China have been removed.
With federal subsidies being removed in 2023, some provincial governments are offering their own subsidies.
By March 2023, the number of provincial governments offering subsidies had gone up to 14.
Many of these subsidies have been implemented, upon price cuts failing to boost sales.
The State of the Electric Vehicle Revolution 2023
Global electric vehicle (EV) stock has surpassed 30 million, and China is home to over half of all the EVs on the world’s roads. 1 in 7 new cars sold last year was electric, and by 2030, we will have 138 Million EVs.