The Chinese government has fined five auto makers it says defrauded it of a total of 1 billion yuan ($150 million) worth of subsidies aimed at promoting electric vehicles, the finance ministry said Thursday. Four of the bus-making companies abused the subsidy program by padding their reported electric-vehicle sales, The Wall Street Journal reports. The fifth, Gemsea Bus Manufacturing Co. in Suzhou, fabricated its electric-vehicle-manufacturing business entirely. The ministry fined the five companies amounts equal to 50% of the subsidies they’re accused of fraudulently receiving, as well as demanding those subsidies be returned. It also revoked Suzhou GMC’s auto-manufacturing license and removed the others from the list of auto makers eligible for subsidies.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved