News Summary

• China has sent a clear signal that it is willing to pull the plug on subsidies for its electric vehicle industry.
• Top policymakers omitted electric vehicles from their list of strategic industries in their recent five-year development plan for 2026-2030.
• Analysts say the move is evidence the Beijing considers the industry to be mature and no longer requires the same level of financial support.
• But they say the omission should not be seen as a sign that the EV industry has fallen out of favour, despite it becoming a poster child for excessive competition.