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 49 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
1 hour ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.