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China Sanctions 5 Electric-Bus Makers for Falsifying Sales
China’s central government says five domestic producers of electric buses faked sales documents to garner about 1 billion yuan ($150 million) in subsidies, Bloomberg News reports.
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China’s central government says five domestic producers of electric buses faked sales documents to garner about 1 billion yuan ($150 million) in subsidies, Bloomberg News reports.
The finance ministry says one company, Gemsea Coach, had its production license revoked and was ordered to pay back 262 million yuan ($39 million) in financial aid. The company, which made 25 EVs in the first half of 2015, claimed it produced nearly 3,000 electric buses in December—a month before the amount of aid was scheduled to decline.
Four other manufacturers were ordered to return subsidies they received illegally and were fined 50% of the value of those payments. The group comprises Chery Wanda Bus, Higer Bus, Shaolin Bus and Shenzhen Wuzhoulong Motors.
The ministry halted the subsidy program during an investigation of 90 so-called new-energy vehicle producers and 401,000 vehicles. Bloomberg says today’s announced penalties should clear the way for the government subsidy program to resume.
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