China plans to extend the EV tax break period
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China plans to extend the EV tax break period.

After the slowdown in vehicle sales, China wants to increase car demand. Extending the tax break period for EVs will help in boosting EV sales.

Vehicle sales in China have slowed down in recent months because of the COVID-19 lockdown. Automobile companies in Shanghai have suspended their production because of the lockdown. It has also affected the supply chain and reduced consumption expenditure across the country.

So to get back on track and boost vehicle sales, China announced that it would consider extending the EV tax break. Also, the Ministry of Information and Industrial Technology (MIIT) is now considering extending incentives to EV customers to 2023. The government also outlines plans to build more charging stations and encourage lower charging costs.

EV sales in China are the highest in the world. Last month 546,000 EVs were sold in China, accounting for nearly 30% of total vehicle sales.

BYD, Tesla, NIO, and XPeng are among the top EV companies in China.

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