China’s electric vehicle (EV) industry has been booming for nearly a decade, with generous subsidies from the Chinese government and state-sponsored marketing efforts.
However, the research and development (R&D) subsidies are now shifting to vehicles with hydrogen fuel cells, a new technology that, according to industry, is cleaner and more efficient than lithium battery-run cars. Current EV automakers in China will have to face the cruel reality: The EV industry will soon suffer financial losses with the disappearance of state support.
