Car prices have been soaring. In China, fatter government subsidies may be on the way to ease the pain of motorists. The handouts have implications broader than cheaper electric cars.
Beijing is reportedly in talks with automakers to increase generous subsidies for electric vehicles. Car sales are plunging amid continuing lockdowns. Not a single car was sold in Shanghai, the biggest city market, last month. Lockdowns in place since March have disrupted production ensuring supplies of vehicles are almost as weak as demand for them.
The government was set to phase out subsidies for electric car purchases by the end of this year. If they were extended they would provide a much-needed boost for automakers, including foreign makers such as Tesla.
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