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A Tesla Model 3 in Shanghai. Photo: Costfoto / Barcroft Media via Getty Images

China announced it will "not make significant cuts" this year to subsidies on new energy vehicles including electric vehicles, via Reuters, "signaling that its policy will remain relatively stable, state media quoted the country’s industry ministry as saying on Saturday."

Why it matters: EV sales in China, which has the world's largest auto market, dropped sharply after the Chinese government significantly cut industry subsidies in July.

  • AP, citing a Chinese trade group, reported that purchases of EVs and hybrids fell nearly 44% in November compared to the prior year.

Driving the news: The Reuters story cites a Ministry of Industry and Information Technology statement plus comments from MIIT's Miao Wei, who told an industry forum there wouldn't be another subsidy cut in July.

Where it stands: "Shares of Chinese electric-vehicle makers including Warren Buffett-backed BYD Co. jumped after the government signaled it won’t continue reducing subsidies for the industry at the same pace this year," Bloomberg reports this morning.

What they're saying: BloombergNEF analyst Colin Mckerracher, on his personal Twitter feed, called the report "big news."

  • "I still think EV growth in China this year will be modest, but then pick up again in 2021," he said, citing the government's goal of having EVs and fuel cell vehicles comprise 25% of Chinese sales by 2025.

Go deeper: China's electric vehicle market dwarfs all others

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
14 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.