E-VEHICLE SUBSIDY FRAUD * China: By Suzhou Kinglong, e-bus maker
* Fujian - Suzhou Kinglong vows to revamp its operations in order to get back to the subsidy scheme
--- E-vehicle subsidy fraud: a crisis that could become opportunity... When a company has done something wrong, and is named and shamed by Chinese authorities, the best response is probably to accept the penalty, correct the mistakes and move on... That is exactly what Suzhou Kinglong is doing. The e-bus maker was one of those nailed last month for defrauding the government for new energy car subsidies... Last year, it applied for subsidies for more than 1,600 e-bus units that it had not finished making... For that it was asked to return about 500 million yuan (US$73.68 million) of subsidies and pay a fine equivalent to 50 percent of that amount... Also, the company won’t be eligible for future subsidies, until it has revamped its operations to the regulators’ satisfaction. But at least it gets to keep its e-vehicle production license... Suzhou Kinglong is one of China’s top e-bus makers, with a market share about 7 percent, according to Morgan Stanley...
(Photo from 21st Century Business Herald: Suzhou Kinglong buses on show) -- Xiamen, Fujian, China - ejinsight - Oct 28, 2016