China looks to spur demand for green cars with $72b tax break

China looks to spur demand for green cars with $72b tax break

A electric car charging station is pictured in a parking lot in Shanghai, China March 13, 2021. Picture taken March 13, 2021. REUTERS/Aly Song/FILE PHOTO

China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package to boost sales of electric vehicles (EVs) and other green cars over the next four years to prop up softening auto demand, sending shares of automakers sharply higher.