BEIJING - China has punished a number of new-energy vehicle (NEV) manufacturers for fraudulently claiming subsidies, Finance Minister Xiao Jie said Tuesday. "The combined amount of retrieved subsidies and penalties imposed on companies involved is about 2.3 billion yuan ($333.5 million)," Xiao told a press conference on the sidelines of the national legislature annual session. "Problematic NEV models will no longer get subsidies, and companies involved in cheating are rectifying their problems," Xiao said. "To prevent market disruptions, China has adjusted subsidy policies by lowering the amount, setting upper limits and raising market access standards," he said.
China has penalised a number of new energy vehicle (NEV) manufacturers as a result of fraudulent subsidy claims made by the firms, according to the country's Finance Minister, Xiao Jie. In response, the country has lowered subsidy amounts, raised market access standards and set upper limits on the value of the incentives. The combined revenue from retrieved subsidies and penalties imposed is $333.5 million. Companies evolved in cheating are now "rectifying their problems", said the minister in a press conference.