China’s trade-in subsidy program for electric vehicles has been axed in at least six provinces because the money has run out, Bloomberg reported today, citing Chinese media. The program involves offering car buyers an incentive to the tune of $2,780 for exchanging their internal combustion engine car for an electric model. It was originally planned to last until the end of the year. However, car dealers have been buying new EVs in bulk and then selling them on the second-hand car market with zero mileage, the report explained, which has put…
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