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Hyundai, Nissan Accused of Cheating on China’s “Green” Subsidies
Chinese investigators say Hyundai and Nissan are among vehicle producers accused of cheating a government program that subsidizes electric and plug-in hybrid vehicles, the official Securities Daily newspaper reports.
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Chinese investigators say Hyundai and Nissan are among vehicle producers accused of cheating a government program that subsidizes electric and plug-in hybrid vehicles, the official Securities Daily newspaper reports.
Yesterday the country’s finance ministry announced it has revoked the production license of one electric-bus manufacturer and fined four others for falsifying their output data. The ministry says the companies fraudulently collected 1 billion ($150 million) in subsidies.
The agency’s actions follow a probe of 90 producers and the claimed output of some 401,000 new-energy vehicles. Securities Daily says Hyundai and Nissan are among at least 20 more manufacturers charged with violations. Others on the expanded list are Geely, Jianghuai Automobile and a unit of BYD.
None of the newly identified companies has yet commented on the list, according to Reuters.
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