Beijing (ZXZC)- China will not further cut subsidies for New Energy Vehicles (NEV) in July, 2020, said Miao Wei, Minister of Industry and Information Technology, at the China EV100 Forum, an annual event to gather representatives from relevant governmental departments, industry organizations and leading enterprises to share insights on the transformation and innovation of automotive industry, enterprises and policies.

The ministry is expected to complete the formulation and release of the NEV Development Plan (2021-2035) in the first half of this year, added the minster. After soliciting public opinions last July and September, the ministry is due to release, in the near future, the amendment to the Measures for the Parallel Administration of Corporate Average Fuel Consumption and New Energy Vehicle (NEV) Credits for China's Passenger Car enterprises – known as the dual-credit policy.

The minister confirmed that there is no change in the sound and long-term development of the segment. China's auto market has bottomed out and stabilized gradually with further development. As China's auto production has achieved positive growth since last November, a bottoming and stabilized market is expected to arrive in 2020 and 2021.

According to the minister, the annual sales and production of NEVs exceeded 1.2 million units in 2019, representing a decrease of 4% year on year. The market recorded sales of 105,000 and 126,000 units in November and December respectively.