China looks to spur demand for green cars with $72b tax break

China looks to spur demand for green cars with $72b tax break

A electric car charging station is pictured in a parking lot in Shanghai, China March 13, 2021. Picture taken March 13, 2021. REUTERS/Aly Song/FILE PHOTO

China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package to boost sales of electric vehicles (EVs) and other green cars over the next four years to prop up softening auto demand, sending shares of automakers sharply higher.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter