China will roll out several policies in the second half of the year to boost the car industry. These include easing restrictions on car purchases and extending subsidies to consumers who buy new energy vehicles until 2022.
Incentives to purchase electric cars are clearly working as WM Motor, a Chinese electric car startup, sold 2,036 vehicles in July, which was almost double that of the year before.
In the first half of the year, cities such as Shanghai, Hangzhou, Guangzhou and Shenzhen announced plans to issue more license plates to residents. Beijing offered an additional 20,000 license plates for families who were purchasing electric cars and hadn’t already bought a car this year.
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