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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

Omicron cases confirmed in 4 U.S. states

A healthcare worker inserts a Covid-19 rapid test into a machine in Denver, Colorado. Photo: Daniel Brenner/Bloomberg via Getty Images

Five cases of the newly-discovered Omicron variant were detected in New York, Gov. Kathy Hochul (D) and New York City Mayor Bill de Blasio announced on Thursday, making New York the fourth state with confirmed cases.

The latest: In addition to New York, the variant has been confirmed in California, Colorado and Minnesota.

Early winter heat shatters records in U.S., Canada

Temperature departures from average on Dec. 2, 2021, as depicted by the GFS computer model. (Weatherbell.com)

A widespread and intense heatwave is roasting large portions of the U.S. and Canada, shattering daily and monthly temperature records.

Why it matters: Winter is the fastest-warming season across the U.S., and the lingering warmth is shortening the snow season in places like Colorado and Montana, where mountain snowpack is a critical source of water during the summer months.

5 hours ago - Science

COVID time warp

Illustration: Sarah Grillo/Axios

The start of the COVID-19 pandemic seems like a lifetime ago to some, and just yesterday to others. Scientists are beginning to unpack the way people processed the passage of time amidst the stress, uncertainty and isolation of the 1 year, 8 months and 21 days since WHO declared a pandemic.

Why it matters: The pandemic's global effects on how people experience time could provide new insights into the brain's ability to perceive and predict time — a fundamental feature of life.