(Bloomberg) — Shares of Chinese electric-vehicle makers including Warren Buffett-backed BYD Co. jumped after the government signaled it won’t continue reducing subsidies for the industry at the same pace this year.Miao Wei, the minister for industry and information technology, told an audience in Beijing on Saturday EV-purchase subsidies won’t be cut July 1, like they were on that date last year.“Please rest assured. There wont be a further cut on July 1 this year,” Miao said in a speech at an industry forum. The audience, which included representatives from major automakers, was thrilled enough to applaud.Though the minister later clarified …read more
Source:: Yahoo Finance
