Chinese authorities are phasing out a subsidy program for manufacturers of cars on alternative energy sources. Reuters writes that the relevant information is available on the website of the Ministry of Finance of China. The five-year subsidy program, launched in 2016, was aimed at stimulating innovation and sales of new energy vehicles. The Ministry of Finance reported that in the next 3 years, the subsidy for electric vehicles with mileage over 400 kilometers would be reduced 2 times to 25 thousand yuan per car. The requirements for the mileage of electric vehicles are also increased from 150 to 250 kilometers. The Ministry plans after 2020 to completely abandon the subsidies and focus its efforts on the construction of infrastructure, including for charging electric vehicles.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
The U.S. Federal Reserve eased another $2 million in emergency loans this week to help struggling U.S. businesses amid the recession. The Fed’s overall asset portfolio reported growth for the second week, holding above $7 trillion. The ...
The self-driving car company Waymo LLC and Fiat Chrysler Automobiles NV (FCHA.MI) signed a partnership deal on Wednesday to fully develop self-driving cars, pickups, and SUVs. Waymo, an Alphabet Inc. (GOOGL.O) unit, and Fiat Chrysler said ...