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BYD COMPANY, Chery Reportedly Involves in Improper Govt Subsidy Applications, Totaling ~USD53M
Recommend 12 Positive 13 Negative 12 |
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An audit of China's Ministry of Industry and Information Technology (MIIT) found that Chery Automobile and BYD COMPANY (01211.HK)(002594.SZ) improperly applied for government subsidies for their sales of environmentally friendly vehicles over a 5-year period ended 2020, involving a total amount of approximately USD53 million (about RMB380 million), accounting for nearly 60% of the total improper subsidy applications, according to Reuters. The audit and published documents by the MIIT show that approximately 21,725 vehicles did not meet the subsidy eligibility criteria, involving a total subsidy amount of about RMB865 million (around USD121 million), with 7,663 Chery vehicles and 4,973 BYD COMPANY's vehicles disqualified from subsidies, the report added. AASTOCKS Financial News Website: www.aastocks.com |
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