Cao Dewang, chairman of Fuyao Glass Group (03606), was quoted by the mainland media as saying that mainland new energy vehicles are essentially electric vehicles, and some companies call them new energy vehicles just to get subsidies, but the companies can’t live long on subsidies.
He also believes that this piece of the new energy vehicle industry may have accumulated a certain bubble, and may end up wasting a lot of money and overcapacity again.
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