HONG KONG — China’s generosity to the electric vehicle sector when it comes to handing out subsidies has come under fresh scrutiny since the European commission announced an investigation into the matter. An analysis of listed companies shows that substantial amounts of government money are indeed flowing to the strategically important industry.
Among more than 5,000 mainland Chinese listed companies, five of the top 10 recipients of government grants during the first half of this year were local manufacturers of EVs or the batteries that power them, according to data compiled by Chinese information provider Wind and a survey by Nikkei Asia.