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 $333.5m. Xiao, who was appointed in November last year, said that the government will continue its efforts to crack down on fraud involving NEVs and other zero-emission vehicles.
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 $333.5m. Companies evolved in cheating are now "rectifying their problems", said the minister in a press conference.