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Shares of electric-vehicle makers including Tesla Inc. and 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.
Miao Wei, the minister for industry and information technology, told an audience in Beijing on Saturday EV-purchase subsidies won’t be cut July 1, like they were on that date last year. Tesla, which is just starting to deliver locally built cars to customers, saw its stock climb above $500 for the first time as optimism about China combined with a bullish analyst report.
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